The government of Palau in collaboration with global fintech, Soramitsu, and Japan’s Ministry of Economy, Trade and Industry (METI) have officially launched a prototype of a blockchain-based savings bonds system, Palau Invest. According to a presser by Soramitsu, the digital savings bonds give Palauan citizens a simple way to invest in their own country while earning yield from the benefits of those investments. Speaking on the launch, President Surangel Whipps Jr said the savings bonds initiative enables the Palauans to fund key projects such as housing, SME development, roads, and other essential services, with capital sourced domestically. “Hyperledger Iroha 2’s innovative technology is best in class and is more than capable of processing the transactional needs of everyone in Palau,” Soramitsu said in a statement. The digital savings bond system represents the beginning of a new era of financial accessibility in Palau, leveraging blockchain to reshape how nations can manage their finances for the public good.

Source: Daily Nation October 07, 2024 14:59 UTC