Palau introduces blockchain savings bonds with Soramitsu
Palau Invest savings bonds will raise money for local infrastructure and provide a new means of saving.
The government of Palau has launched Palau Invest, a “blockchain-based savings bonds prototype system.” Since the prototype is complete, a public demonstration system has been initiated as well.
Japan’s Ministry of Economy, Trade and Industry and the Soramitsu blockchain are supporting the project, which is intended to provide funds for the country’s infrastructure projects.
The Finance Ministry has to finalize bond issuance criteria and receive government approval for them. The approximately 18,000 Palau citizens will be able to buy the bonds from the ministry using an app on their telephones. President of Palau Surangel Whipps Jr. said at the launch ceremony:
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Author: Derek Andersen
