The country’s central bank, Bank of Lithuania made an announcement on Friday that it would solicit proposals from the various software developers in order to start the LBChain initiative. This is a “service-based Blockchain platform” which has its main aim to serve as a regulatory sandbox form the Blockchain based startups.
LBChain was first introduced in January seeking to assist both the international organizations and Lithuanian in the acquisition of knowledge in regard to Blockchain and also in the conducting of research based on Blockchain.
Bank of Lithuania at that time announced that the project would “provide a technical platform and consultations on applicable regulations” to only selected companies. Additionally, the entire project would also be financed by EU funds.
“Software developers have already shown considerable interest in LBChain, “this is according to Marius Jurgilas who is a member of the Lithuania Bank bard.
He further added;
“Created by a financial 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 customers and the financial system.”
Therefore, this project is made I such a way that it will become a part of a broader attempt in the creation of a “fintech-conducive regulatory and supervisory ecosystem, as well as innovation fostering in the financial sector,” in accordance with the announcement.
Although in January, the bank made an announcement that they were in an expectation that the project would kick-start in 2019, it has been an indication that the implementation phase could start anytime this summer. This would see the project completed before the set date by the bank officials.
Bank of Lithuania has been involved in the Blockchain issues since 2017 when it was involved in the issuance of ICO guidance. In February, it additionally announced that it would probe a domestic ICO which then claimed to have raised around 100 million euros. This is after the conclusion that the organizations’ tokens qualified as securities.