The Central Bank of Lithuania announced on Friday that he is looking for blockchain developers to start work on the initiative, which was called LBChain. This platform is a kind of testing ground for startups who want to try out this technology.
The project LBChain is designed to help both Lithuanian and international companies, its purpose is education in the field of blockchain technology, and research in this area.
This initiative is financed through EU funds. Marius Jurgilas, member of the management Board of the Bank of Lithuania, commented on this initiative:
The developers have already shown considerable interest in LBChain. Created financial controller, he is one of the first of its kind, offering a unique opportunity for businesses to test and implement in their activity the latest innovations in the field of Fintek, to benefit both customers and the financial system as a whole.
This project is part of a broader attempt to create a “favorable terms of ecosystem regulation in the financial sector”.
Despite the fact that in January, the Central Bank said the platform will start its work in 2019, it is now becoming clear that the project likely will start this summer.
The Central Bank of Lithuania first started working with blockchain technology in the fall of 2017, when he published a guide for the ICO.