TronWeekly

Crypto World News

You are here: Home / Archives for Digital coin

Digital coin

Bank of Lithuania Debuts World’s First Digital Collector Coin, LBCOIN

by

The Bank of Lithuania became the first nation in the Euro region and the world to officially issue its digital collector coin, LBCOIN, on 23 July. Each issue of LBCOIN is a hallmark of one of the signatories of the Independence Act since it was issued in honor of the 1918 Nation’s Independence Act and its 20 signatories. As reported by TWJ earlier this month, the Bank of Lithuania was set to issue the first cryptocurrency backed by a central bank in the eurozone.

Notably, the state-of-the-art digital collector coin is based on the NEM Blockchain and contains six digital tokens for each physical collector coin. Of the 4,000 LBCOINs disbursed, there are almost 24,000 virtual tokens and 4,000 silver collector coins. Although the Bank of Lithuania stipulates that LBCOIN is not a CBDC, the Bank proposed that it could lead to the realization of a digital currency issued by the State.

By buying an LBCOIN, the collector will obtain a random assortment of digital tokens that can be exchanged for a physical coin; which can be stored in the LBCOIN e-shop, sent as gifts, or even exchanged or transferred to other collectors via the NEM blockchain infrastructure.

The 4,000 silver collector coins, on the other hand, were minted at the Lithuanian Mint. The coins are similar to the standard credit card, both in shape and size. The Lithuanian flag and the national anthem are also included in the binary code. The country coat of arms (Vytis) on the other side of the card is bound by the QR code that connects the coin to the LBCOIN e-shop. The value of each LBCOIN package is 99 EUR (about $115).

Digital collector coin is not a CBDC

Although there were some rumors, the announcement shed light that the LBCOIN is not a central bank digital currency, which can serve as a digital legal tender. Alternatively, the project is geared towards luring collectors;  its goal is to demonstrate how technology can be used to digitize the world. 

The chairman of the country’s central bank board, Vitas Vasiliauska, outlined that the LBCOIN project illustrates Lithuania’s swift technological progress. In conclusion, he also noted that the project could lead the authority on a; “firm path towards financial and payment innovation.”

Grayscale’s Barry Silbert Thinks US Will Be The Next BTC Mining Hotspot After China

by

China has been a driving force in cryptocurrency adoption, at least in the Asian sector. Several major players were looking at the Red Dragon as the marker for development in the decentralized assets space.

New comments from proponents of the space have now shown that there was a swing occurring where people preferred to conduct mining operations outside China.

Grayscale Investments boss Barry Silbert recently took to the airwaves to inform investors that there was a growing demand of interest from areas outside China. Currently, China dominates digital coin mining and that figure is yet to be challenged.

Grayscale Investments is the world’s biggest cryptocurrency asset manager and its Silbert has made news multiple times while praising Bitcoin.

Silbert is also responsible for the popular ‘DropGold’ campaign that aimed to show that Bitcoin was much better than traditional gold as a form of long term investment.

The Grayscale CEO did not mention the main reasons why there was a shift from China, leaving many to guess. He claimed that over the past three to six months, there was a growing shift in moving mining activities to the US or Canada.

There has been significant competition among countries to establish dominance in the cryptocurrency space. Powerhouses such as Japan have also kept a watchful eye on China and have openly stated that the Xi Jinping led the country was a threat.

Miners in China control sixty-six percent of all Bitcoin mining, which puts the ball squarely in their court. Silbert’s comments are expected to render some hope to investors who believe that the west needs to up its game.

Even though China has the lion’s share when it comes to mining, the country still does not allow digital assets to flourish in its full glory. The laws in the country still state that cryptocurrencies were not fully accepted.

Instead of cryptocurrencies, blockchain technology was considered the real superstar as several companies have begun using it. Officials in China, including the President, had revealed that using blockchain technology was the way to go for the future.

Although Silbert’s comments were positive for the US mainland, miners need to ensure that all the guidelines are met. Reports have shown that there have been several scams in the space and the advent of growth in the mining sector will only elevate that.