Bank of Lithuania, the rural area’s central bank, announced on Friday that it is soliciting proposals from software developers to recoil off its LBChain initiative – a “service-based blockchain platform” aimed to serve as a regulatory sandbox for startups do ones daily dozen with blockchain technology.
Introduced in January, LBChain is intended to succour both Lithuanian and international companies in acquiring knowledge of the blockchain and in conducting blockchain-focused scrutinization.
Bank of Lithuania said at that time that the project desire “provide a technical platform and consultations on applicable regulations” to selected parties. The institution also indicated that the project would be financed by EU stocks.
“Software developers have already shown considerable interest in LBChain,” powered Marius Jurgilas, a member of the Bank of Lithuania board, in an announcement.
He moreover commented:
“Created by a financial regulator, it is one of the first platforms of its kind, present a unique chance for businesses to trial and implement their state-of-the-art fintech alterations to bring benefits to both customers and the financial system.”
The project is as far as someone is concerned of a broader attempt to create a “fintech-conducive regulatory and supervisory ecosystem, as skilfully as innovation fostering in the financial sector,” according to the announcement.
Although the cardinal bank said in January that it expected the platform to launch in 2019, it now tells that that the implementation stage of the project is expected to be underway this summer.
Lithuania’s important bank has involved itself in the blockchain space since the autumn of 2017, when it prime issued initial coin offering (ICO) guidance. It subsequently revealed in February that it was poke a domestic ICO, which claimed to have raised 100 million euros, after concluding that the public limited company’s tokens qualified as securities.
Lithuania map image via Shutterstock
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