Lithuania’s central bank has released a brand-new sandbox for startup businesses working with Blockchain technology.

Under the LBChain, the Bank of Lithuania will create a bespoke tech platform where organisations can create and maintain services. However, it has been confirmed that this would be the subject of gatekeeping by officials within the central bank.

News of the plan includes a remarkable difference on the traditional sandbox model, where organisations allow companies to assess financial products in a partial setting. A member of the central bank’s board, Marius Jurgilas, explained that the technology used in Blockchain has huge potential for innovations within the public and financial sectors, and that there needs to be space for development of such technology.

However, with a launch looking likely for 2019, those who would like to join the sandbox will have to wait. In addition to this, the bank confirmed that support will include income from the EU; however, it is not known how much funding will be needed.

Just months ago, the Bank of Lithuania declared its policy on initial coin offerings, stating that when determining particular legislation in the Republic of Lithuania for ICO’s, that the circumstances of specific ICO’s should always be evaluated.