The World Bank authorizes the bank to issue bonds using blockchain technology
the press release, the World Bank has mandated the Commonwealth Bank of Australia (CBA) to issue the world’s first blockchain-based bond.
According to the World Bank, this move is expected to bring considerable benefits to the financial markets due to implementing blockchain technology.
Yesterday @treasury_wb made history by creating the first global #blockchain bond. The @WorldBank has mandated @CommBank as the sole arranger for bond-i, the first global bond to use distributed ledger technology. Learn more about bond-i here: https://t.co/LyO6pHh9Rt pic.twitter.com/bEM5q0m67i
— World Bank (@WorldBank) 10 sierpnia 2018
Once the system is up and running, it will be managed and issued in a private Ethereum blockchain operated by the World Bank in Washington and the CBA in Sydney. The “Kangaroo Bond” refers to foreign bonds issued in Australia in local currency.
The World Bank describes the implementation of blockchain in the area of treasury bonds and other debt instruments as an aid to developing countries as well as poverty reduction in the world (through the implementation of innovative technological solutions). Also, the World Bank’s bond infrastructure will operate in Washington, Microsoft Azure Cloud.
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