Austria will issue government bonds on the Ethereum 1.15 billion euros

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Austria will issue government bonds on the Ethereum 1.15 billion euros

The Austrian government intends next week to issue state bonds worth 1.15 billion euros, using the Ethereum platform. Cointelegraph reported, citing local media.

Osterreichische Kontrollbank (OeKB), one of the largest banks of Austria c $26 billion in assets, scheduled for October 2 of the auction will issue bonds on behalf of the Austrian Treasury (OeBFA).

The Minister of Finance of Austria Hartwig Leger noted that the blockchain technology “focuses on economic policy”, adding that thanks to the creation of FINTECH Advisory Council under the Ministry of Finance created a strategy that allows the state to derive maximum benefit.

OeKB stresses that this will be the first use of the blockchain platform as part of a Federal auction for bonds in Austria. The procedure, which has successfully passed the test will be based on technology developed by the Bank for notarization data of the Austrian direct auction system (ADAS).

Thus, in the country in parallel with paper and digital bonds will operate licenzirovanie. Marcus Stix, managing Director of the Austrian Treasury, commented on the introduction of the new system:

Additional safety contributes to a high level of confidence in the Austrian auction of government bonds, strengthens Austria’s reputation in the market and indirectly contributes to lower financial costs.

Recall that in August, the world Bank was the first in its history, issued bonds on the blockchain and raised $81 million — $8 million more than planned.

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