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Palau unveils blockchain savings bonds for local projects

Palau unveils blockchain savings bonds for local projects

GrafaGrafa2024/10/09 06:05
By:Isaac Francis

The government of Palau has introduced a blockchain-based savings bonds system, called Palau Invest, to raise funds for infrastructure projects. 

Supported by Japan’s Ministry of Economy, Trade and Industry and Soramitsu blockchain, the initiative aims to provide Palau’s citizens with a secure and accessible means to invest in their country's future.

The Finance Ministry is working on finalising the bond issuance criteria, with plans to allow the approximately 18,000 citizens of Palau to purchase bonds through a mobile app. 

The bonds will fund essential infrastructure projects, such as housing, small and medium-sized enterprise development, and road construction. 

According to Palau President Surangel Whipps Jr., these projects are crucial not only for infrastructure development but also for generating positive economic spillover effects.

The bond platform operates on the Hyperledger Iroha 2 blockchain, developed by Soramitsu, and functions on the Sora v3 Hub Chain platform. 

Soramitsu is known for its involvement in other digital currency projects, such as Cambodia’s Bakong and the central bank digital currencies (CBDCs) of Laos and the Solomon Islands.

Palau has previously worked with Ripple to develop a US dollar-pegged stablecoin, progressing to the second phase of that project in 2023. 

Additionally, Palau and Cryptic Labs launched the Root Name System (RNS), a blockchain-based ID system, as part of the country's digital residency program. 

This system, verified via non-fungible tokens (NFTs), is hosted on the BNB Chain (CRYPTO:BNB).

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