During a report last week, Lithuania’s government introduced their initiative “LBChain” that will form the basis of a tech platform to will help companies develop blockchain services. While the central bank will oversee these services, the development is noteworthy because of its model. The model curtain rises for institutions to enable firms to test products under a controlled environment.

According to Marius Jurgilas, a member of the central bank’s board, blockchain technology has excellent, innovative potential in public and financial sectors.

“Allowing regulated developments will usher our country into the next level of innovation and investments,” he says.

However, the bank is to launch the platform next year, and it will be partly funded by the European Union as per their statement.

The move follows the bank’s policies on ICOs in October.