This initiative, called Palau Invest, aims to raise funds for important local projects like housing, roads, and other essential services.
The government has teamed up with Soramitsu, a company that specializes in blockchain technology, to create this innovative system. Let’s discover more about Blockchain Savings Bonds in Palau.
New Bonds Help Palau Citizens Save and Improve Infrastructure
So, what exactly are savings bonds? They are a way for people to invest their money in projects that benefit their community. When citizens buy these bonds, they lend their money to the government, which uses it to pay for things like building roads and developing small businesses. In return, the investors earn interest on their money.
The new blockchain-based savings bonds are still in the testing phase, but Palau’s government has already started a public demonstration of the system. The Ministry of Economy, Trade and Industry from Japan and Soramitsu are supporting this project to help Palau’s economy grow. With this new bond platform, about 18,000 citizens will be able to purchase bonds using an app on their smartphones.
Blockchain Application to Improve Financial Landscape
This project operates on SORA v3 Hub Chain’s Hyperledger Iroha 2-based network, an open source blockchain platform that uses the latest technology to make it easy to program decentralized apps that are fast and highly… pic.twitter.com/5sKIl0G4lL
— Dom 天 (@domcheckr) October 7, 2024
President Surangel Whipps Jr. expressed his excitement at the launch ceremony, stating, “The savings bonds initiative enables us to fund key projects with capital sourced domestically. These projects are not just critical to infrastructure, but they also generate spillover effects.” This means that these projects will not only help improve Palau but also create new opportunities for jobs and growth.
More About Palau Invest
When the project was first announced in July, the organizers hoped to have a full launch by 2025. Palau uses the United States dollar as its currency, and until now, it didn’t have a bond platform. The new bonds will run on a special type of blockchain called Hyperledger Iroha 2, which is built on the Sora v3 Hub Chain platform. Soramitsu developed this blockchain and continues to provide technical support to ensure everything runs smoothly.
Minister of Finance Kaleb Udui Jr., states “Today’s launch marks an important milestone in the Ministry’s broader effort to promote financial inclusion and innovation. One of our goals at the Ministry of Finance has always been to expand access to different financial tools and… pic.twitter.com/8wNTHoEO4A
— Dom 天 (@domcheckr) October 7, 2024
Additionally, Palau’s bond initiative is linked to the Polkaswap decentralized exchange that operates on the Sora blockchain. This connection will make it easier for citizens to trade and manage their investments.
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This articles is written by : Fady Askharoun Samy Askharoun
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