Austria will issue government bonds amounting to €1.15 billion on the blockchain

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Austria will issue government bonds amounting to €1.15 billion on the blockchain

The issuance of securities using the blockchain — an occasion, have not had time to become familiar, but not looking sensation. Similar projects were already enough. But this is interesting for two reasons — first, a very substantial sum, and secondly — the Issuer. Still Austria in the ranks of the blockchain enthusiasts did not appear.

The issue of government bonds is planned to be implemented using Ethereum platform next week. Operator blockchain-service notarization will be one of the largest commercial banks in the country Osterreichische Kontrollbank (OeKB).

During the auction, scheduled for October 2, Oekv will distribute the bonds in the amount of €1.15 billion in the name and on behalf of the Austrian Treasury. A similar procedure in respect of government bonds used in Austria, and, perhaps, in Europe, for the first time, however, has already been successfully tested. A technology that uses the blockchain Ethereum is a product developed by the Bank.

Participants in the process noted that the role of the blockchain in this operation is reduced to tokenization traditional asset, but it will improve the reliability of operations and reduce technological costs.

The government of Austria considered that the blockchain brings significant changes in economic policy, and that this potential is not just studying. “We have established under the Ministry of Finance a separate Advisory Board on pentaho to decide how Austria can benefit from emerging technologies,” said Finance Minister Hartwig Leger.

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