Lithuania embarked on crypto assets to counter Facebook

According to Reuters, Lithuania will issue the first central bank-issued digital coins in the euro area.

Reuters explains Lithuania issues its digital coin due to that people are going away from use of cash and the possibility that 2.5 million users of Facebook may start using the crypto asset Libra.

The 24,000 LBCOIN (Lithuanian digital coins) generated by blockchain technology will be pre-sale next week.

Jurgilas, who is at the forefront of development in Lithuania Bank, commented that the digital coin this time is very similar to CBDC (Central Bank Digital Currency) and will be the most innovative example when other banks work on CBDC.

According to Facebook, the development of the cryptocurrency Libra is currently delayed.

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