22 July 2018
Visit www.avoka.com

Lithuanian central bank goes to tender for blockchain platform

16 March 2018  |  11778 views  |  0 Binary

The Bank of Lithuania has issued a call for proposals for software developers interested in contributing to the development of LBChain, a regulatory sandbox platform for blockchain projects.

Slated for launch in 2019, LBChain forms a key element of the central bank's plans to create a national Blockchain Centre of Excellence.

Marius Jurgilas, member of the board of the Bank of Lithuania, says: "Software developers have already shown considerable interest in LBChain. Created by a financial market regulator, it is one of the first platforms of its kind, offering a unique chance for businesses to trial and implement their state-of-the-art fintech innovations to bring benefits to both consumers and the financial system."

The Bank has already launched its pre-commercial procurement and issued a call for tenders to develop the LBChain platform-service. The project is expected to enter its pilot implementation stage in the summer, with the goal of helping Lithuanian and international companies gain knowledge and carry out blockchain-oriented research, thus adapting and testing blockchain-based services in the financial sector.

Development of a fintech-firendly regulatory and supervisory ecosystem as well as innovation fostering in the financial sector is one of the Bank of Lithuania’s strategic directions.

Earlier this month, the Central Bank called on tech companies and blockchain experts from across the globe to help in the design and production of a digital collector coin. The Bank is organising a hackathon in May for third parties to help in the development of the one-off virtual currency.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Lithuania to mint world's first digital collector coins

Lithuania to mint world's first digital collector coins

06 March 2018  |  8421 views  |  0 comments | 16 tweets | 12 linkedin
Is Lithuania the most fintech-friendly destination in Europe?

Is Lithuania the most fintech-friendly destination in Europe?

08 February 2018  |  15889 views  |  0 comments | 19 tweets | 15 linkedin
Singaporean EFT startup picks fintech-friendly Lithuania as European base

Singaporean EFT startup picks fintech-friendly Lithuania as European base

29 September 2017  |  10647 views  |  0 comments | 6 tweets | 6 linkedin
Lithuania plans regulatory sandbox

Lithuania plans regulatory sandbox

07 August 2017  |  12901 views  |  0 comments | 5 tweets | 6 linkedin
Lithuania makes a pitch for post-Brexit UK fintech firms

Lithuania makes a pitch for post-Brexit UK fintech firms

02 December 2016  |  11031 views  |  0 comments | 8 tweets | 7 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit iliad-solutions.com/Visit https://secure.vasco.comVisit info.nice.com

Who is commenting?

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
13573 views comments | 6 tweets | 8 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
11246 views comments | 9 tweets | 17 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
10114 views 19 comments | 15 tweets | 30 linkedin
IBM to test dollar-pegged 'stablecoin'IBM to test dollar-pegged 'stablecoin'
7451 views comments | 4 tweets | 14 linkedin
Bringing about new systems and faster payments globallyBringing about new systems and faster paym...
7267 views comments | 2 tweets | 7 linkedin

Featured job

Find your next job