“In principle, it seems to be possible technically. This is a very preliminary assessment. It will take time to look at all aspects, especially security issues,” Egidijus Paleckis, head of the Policy, Issue and Control Division at the central bank, said.
DLTeam, a team of IT developers from Ukraine, won the hackathon. Teams from Lithuania and Cyprus also took part.
The central bank will now decide if to develop a digital coin. The project might take three to four months to complete and cost 60,000 to 70,000 euros.
The digital coin would mark the centenary of the restoration of Lithuania’s statehood.