Lithuania’s Central Bank Seeks Proposals To Develop Blockchain Platform "LBChain"

The Bank of Lithuania, the country’s central bank, is soliciting proposals from software developers interested in contributing to the development of LBChain, a regulatory sandbox platform for blockchain projects.

Announced in January of this year, the LBChain initiative is intended to help domestic and foreign firms gain knowledge and carry out blockchain-oriented research. The central bank said at the time that the initiative would “provide a technical platform and consultations on applicable regulations” to selected companies. It also indicated that LBChain would be financed by EU funds.

On Friday, the Bank of Lithuania announced that it has already launched its pre-commercial procurement and issued a call for tenders to develop the LBChain platform-service.

“The aim of the Bank of Lithuania’s pre-commercial procurement is to develop the LBChain platform-service oriented towards attracting FinTech businesses and foreign direct investment, creating innovative blockchain-based solutions and supporting their application in the financial sector as well as improving the quality of regulatory requirements,” the central bank said in a statement.

Marius Jurgilas, Member of the Board of the Bank of Lithuania, said that software developers have already shown considerable interest in LBChain. He added that LBChain will offer 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.

LBChain is part of a broader attempt to create a “FinTech-conducive regulatory and supervisory ecosystem, as well as innovation fostering in the financial sector.” The project is expected to enter its implementation stage this summer.

The news came after the central bank announced that it plans to issue the world’s first digital collector coin to mark this year’s centenary of the Baltic state’s independence from the Soviet Union. To choose the underlying blockchain technology and specific development solutions, the bank will be organizing a hackathon, bringing together tech companies and IT professionals from around the globe. The programming event should take place in May this year.

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