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Central Bank of Lithuania is looking for developers for Blockchain Sandbox

The Bank of Lithuania announced on Friday that it is requesting offers from software developers.

16.Mar.18 1:47 PM
By Daria Zaytseva


Central Bank of Lithuania is looking for developers for Blockchain Sandbox

This is done to launch its LBChain initiative, a "service-based blockchain platform" designed to be used as a regulatory sandbox for startups working with blockchain technology.

Introduced in January, LBChain is aimed to help both Lithuanian and international companies in acquiring knowledge about the blockchain and conducting blockchain-focused research.

At that time, the Bank of Lithuania stated that the project "will provide a technical platform and advice on the applicable rules" to individual companies. The institution also indicated that the project would be financed from the EU funds.

According to the announcement, this project is part of a wider attempt to create a " fintech-conducive regulatory and controlling the ecosystem, as well as stimulating innovations in the financial sector".

Despite the fact that in January the central bank said that it expected the platform to start operating in 2019, now it indicates that the project implementation phase is expected to continue this summer.

The Central Bank of Lithuania has entered the blockchain from the autumn of 2017, when it first issued initial coin offering (ICO) guidance. It subsequently revealed in February that it was probing an internal ICO that claimed to have collected 100 million after it was concluded that the company's tokens qualify as securities.

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