Faced with low use of hard cash and the threat of private firms issuing stablecoins to compete with legal tender, the Bank of Lithuania (BOL) will this month launch a central-bank backed digital currency (CBDC) collectible called the LBCOIN as per a Reuters report, July 2, 2020. Details Of LBCOIN To Be Issued by Lithuania 24,000 LBCOINs
Following the decision of the US SEC on ICO and digital assets, Lithuania to has cleared its stance on ICO’s. According to the recent report, the country is planning to beef up control on activities on ICO’s to prevent them from being used for malpractices. Lithuania looks to ensure better consumer protection with ICO regulation
The Ministry of Finance of Lithuania has come up with ICO guidelines considering tokens offered in ICO’s as security. The guidelines say that depending on the conditions of a specific ICO, the released tokens may grant different rights to their owners and hence the law regulating them would apply depending on the case may be.