Bank of Lithuania, the country’s central bank, announced on Friday that it is soliciting proposals from software developers to launch its LBChain initiative, a “service-based Blockchain platform” aimed at serving as a regulatory sandbank for new companies that They work with Blockchain technology.
Launched in January, LBChain intends to help Lithuanian and international companies acquire knowledge of the blockchain and carry out research focused on the blockchain.
The Bank of Lithuania said at that time that the project “would provide a technical platform and consultations on applicable regulations” to the selected companies. The institution also indicated that the project would be financed with EU funds.
He also commented:
“Created by a financial regulator, it is one of the first platforms of its kind, offering a unique opportunity for companies to test and implement their cutting-edge fintech innovations to deliver benefits to both customers and the financial system.”
The project is part of a broader attempt to create an “ecosystem of regulation and supervision conducive to fintech, as well as the promotion of innovation in the financial sector,” according to the announcement.
Although the central bank said in January that it expected the platform to be launched in 2019, it now indicates that the project implementation stage is expected to be underway this summer.
The central bank of Lithuania has been involved in the space of the blockchain since the autumn of 2017, when it issued for the first time an initial coin offer guide (ICO). He later revealed in February that he was investigating a domestic UCI, which claimed to have raised 100 million euros, after concluding that the tokens of the company qualified as securities.