Lithuanian central bank goes to tender for blockchain platform

The Bank of Lithuania has issued a call for proposals for software developers interested in contributing to the development of LBChain, a regulatory sandbox platform for blockchain projects.

Slated for launch in 2019, LBChain forms a key element of the central bank’s plans to create a national Blockchain Centre of Excellence.

Marius Jurgilas, member of the board of the Bank of Lithuania, says: “Software developers have already shown considerable interest in LBChain. Created by a financial market regulator, it is one of the first platforms of its kind, offering a unique chance for businesses to trial and implement their state-of-the-art fintech innovations to bring benefits to both consumers and the financial system.”

The Bank has already launched its pre-commercial procurement and issued a call for tenders to develop the LBChain platform-service. The project is expected to enter its pilot implementation stage in the summer, with the goal of helping Lithuanian and international companies gain knowledge and carry out blockchain-oriented research, thus adapting and testing blockchain-based services in the financial sector.

Development of a fintech-firendly regulatory and supervisory ecosystem as well as innovation fostering in the financial sector is one of the Bank of Lithuania’s strategic directions.

Earlier this month, the Central Bank called on tech companies and blockchain experts from across the globe to help in the design and production of a digital collector coin. The Bank is organising a hackathon in May for third parties to help in the development of the one-off virtual currency.