Bank of Lithuania unveils blockchain sandbox

The Bank of Lithuania has revealed plans to open a regulatory and technological sandbox, enabling domestic and foreign companies to develop and test the latest FinTech innovations.

Named LBChain, the new platform would provide participants with a technical platform and consultations on applicable regulations. Facilities will only be available to innovative companies that devise and develop blockchain technology-based services and solutions.

Marius Jurgilas, member of the board of the Bank of Lithuania, said: “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 favourable opportunities for investment and attraction of talents as well as acceleration of advanced innovations.”

Upon confirmation of the project’s co-financing with EU funds and completion of preparations, the platform is due to launch in 2019.

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