Lithuania’s central bank to launch blockchain sandbox
The Bank of Lithuania, the nation’s central bank, will unveil a regulatory and technological sandbox platform, called LBChain, for blockchain testing.
As reported last year, the bank said fintech firms will be able to test their products in the country by creating customised regulatory sandboxes under its supervision.
In this latest development, Marius Jurgilas, member of the board of the Bank of Lithuania, says: “Giving businesses room for the regulated development of this technology will make our country increasingly attractive for investment and help us attract the best talent, as well as make Lithuania a home for innovations.”
Jurgilas adds that blockchain could prove useful in areas where high data transmission security and credibility is required, e.g. “financial operations or electronic voting”.
The LBChain service being developed will enable Lithuanian and international companies to “gain new knowledge, carry out blockchain technology research, and adapt and test services that use this technology within the activities of financial institutions”.
The Bank of Lithuania will also provide participants consultations on applicable regulations.
Upon confirmation of the project’s co-financing with EU funds, and the completion of initial preparations, LBChain “could be ready to launch” in 2019.
Yesterday (11 January), the Bank of Lithuania selected SIA to access RT1, the pan-European instant payments infrastructure that goes live on 21 November 2017.
