Blockchain Sandbox Presented by The Bank of Lithuania
The Bank of Lithuania has plans to launch a regulatory and technological sandbox, which allows foreign companies to test and improve the latest FinTech innovations.
The new platform is called LBChain. It will support participants with a technical platform and consultations on applicable regulations. Hardware will be available to innovative companies, which support blockchain technology-based services.
The member of the Bank of Lithuania Marius Jurgilas pointed:
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.”
The platform is going to be launch next year, upon confirmation of the project’s co-financing with EU funds and completion of preparations.