Pacific island nation unveils blockchain-based savings bond ‘Palau Invest’ prototype

Photo Credit: Soramitsu. Retrieved from globalgovernmentfintech.com

The government of the world’s smallest country has showcased a prototype of a blockchain-based savings bond system.

The government of Palau, an Asia-Pacific island nation with a population of just 18,000 people, has unveiled the prototype of a blockchain-based savings bond system to be named ‘Palau Invest’.

The prototype’s public debut follows the announcement just under three months ago that Japan-headquartered fintech company Soramitsu was working on a system to issue, manage and operate savings bonds using blockchain technology in an initiative supported by funding from Japan’s government.

In a new announcement this week, Soramitsu states that the prototype system has been revealed ‘to demonstrate to the public of Palau how the digital savings bonds can work is now launched, so the people of Palau can learn about the system and educate themselves before bonds are issued by the Ministry of Finance of Palau’.