Boost

Pacific

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SORA

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 The government of Palau, a country in the western Pacific Ocean, has introduced a prototype for a blockchain-based savings bond to boost domestic investment. 
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The financial instrument, tagged “Palau Invest,” is reportedly part of the government’s moves to secure the country’s financial future. The savings bond is expected to give citizens a new way to invest in national projects and earn returns. At the same time, the funds raised will be used for essential infrastructure developments, including housing, roads, and public facilities. 
President Surangel Whipps Jr. emphasized the potential of this savings bond to stimulate job creation, support small and medium-sized enterprises (SMEs), and enhance economic opportunities. In his words: 
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 “The savings bonds initiative allows us to fund crucial projects like housing, SME development, and infrastructure with domestically sourced capital. By investing in these areas, we stimulate job creation, enhance business opportunities, and foster a vibrant economy.”&nbsp;
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The project was <a href="https://www.prnewswire.com/news-releases/palau-launches-blockchain-based-savings-bonds-prototype-system-with-soramitsu-supported-by-japans-meti-and-the-palauan-government-302269865.html">launched </a>in collaboration with Soramitsu, a fintech company, and Japan’s Ministry of Finance through its METI’s “Global South Future-Oriented Co-Creation Project.”&nbsp; It is notably built on and powered by the SORA v3 Hub Chain’s Hyperledger Iroha 2-based network.&nbsp; 
A public demonstration phase has begun to introduce citizens to the savings bond system before its official issuance. The plan is to allow individuals to buy bonds through a mobile app, although the specific timeline has not been disclosed.&nbsp; 
This development mirrors broader global efforts to integrate blockchain into governmental processes. For example, Singapore’s banking giant DBS recently <a href="https://defi-planet.com/2024/08/dbs-launches-blockchain-solution-to-streamline-government-grant-distribution-in-singapore/">deployed </a>blockchain-based smart contracts to simplify government grant distribution. DBS collaborated with Enterprise Singapore and the Singapore Fintech Association on a pilot project, during which 27 fintech firms received grants via a permissioned blockchain. DBS expects to expand this solution to other use cases, such as milestone-based payments and consumer rewards. 
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The post <a href="https://defi-planet.com/2024/10/palau-introduces-blockchain-based-savings-bond-to-fund-national-projects-and-boost-economy/">Palau Introduces Blockchain-Based Savings Bond to Fund National Projects and Boost Economy</a> appeared first on <a href="https://defi-planet.com">DeFi Planet</a>.

Palau Introduces Blockchain-Based Savings Bond to Fund National Projects and Boost Economy

DeFi Planet

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