Announced last week, the “LBChain” initiative will see the Bank of Lithuania set up a dedicated platform around the tech, through which companies can develop services (though these would be subject to some gatekeeping by central bank officials). It’s a notable spin on the sandbox model, which sees institutions enabling firms to test financial products in a limited setting and under the auspices of regulators.
Marius Jurgilas, a member of the central bank’s board, said in a statement:
“Blockchain technology has a tremendous adaptation potential for innovations conducive to consumers in both the financial and public sectors. Giving room to regulated development of this technology would provide our country with particularly favorable opportunities for investment and attraction of talents as well as acceleration of advanced innovations.”