The Palau government has launched a prototype system for blockchain savings bonds called "Palau Invest."

2024-10-09 09:10:41

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ChainCatcher news, the Palau government has launched Palau Invest, a "blockchain-based savings bond prototype system." With the prototype completed, a public demonstration system has also been initiated. The Ministry of Economy, Trade and Industry of Japan and Soramitsu Blockchain are providing support, and the project aims to fund the country's infrastructure projects.

The Ministry of Finance must finalize the bond issuance standards and obtain government approval. Approximately 18,000 Palauan citizens will be able to purchase bonds from the Ministry of Finance through an application on their mobile phones.

Palau President Surangel Whipps Jr. stated at the launch ceremony, "The savings bond program allows us to fund critical projects with domestic resources, such as housing, small and medium-sized enterprise development, roads, and other essential services. These projects are not only vital for infrastructure but also have spillover effects."

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