The Central Bank of Lithuania announced blockchain startup sandbox

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The “LBChain” initiative announced last week will see that the Bank of Lithuania has created a special platform around the technology through which companies can create services (although this may be related to some functions of the central bank). This is a notable response to the sandbox model, which deals with institutions that allow firms to test financial products in a limited environment and under the auspices of regulators.

Those who hope to join the sandbox will soon have to wait, as the Bank of Lithuania is looking at a 2019 launch of the platform. Support for this will include funding from the European Union, according to the central bank’s statement, although it is unclear how much of the economic bloc will be used to finance the blockchain efforts.

This step comes a few months after the Bank of Lithuania positioned its policy on initial coin offerings in October.

"It should be noted that, when deciding on the application and scope of specific legislation of the Republic of Lithuania for specific ICO, it is necessary to analyze and assess the conditions of the relevant ICO," officials said at the time.