Austrian Bank Will Use Ethereum Blockchain For Issuing $1.35 bln Bonds

post image

Ethereum blockchain will soon be used for knitting a huge quantity of government bonds in Austria. According to local media, this will be the first time of DLT usage by authorities in the country.

Austria Jumping On Blockchain Bandwagon

Kleine Zeitung reported that Austrian govt is intending to employ Ethereum public blockchain for emitting govt bonds. The news outlet highlighted that the number of bonds will be worth $1.35 billion (€1.15 billion), and the issuing in an auction will take place during the upcoming week. 

It is one of the country’s largest banks — Oesterreichische Kontrollbank — which will run the live DLT notarization service. The auction is planned for October 2, and OeKB will emit the bonds via blockchain on behalf of the country’s treasury. 

Hartwig Löger, the Finance Minister of Austria, singled out that his department believes that DLT helps to concentrate on economic policy. Löger also added that with the help of FinTech Advisory Council, which is being set at the moment, the Finance Ministry of Austria will make everything for the country to take advantage of the blockchain. 

Dealing With Ethereum Blockchain For The First Time 

The most considerable Austrian bank with $26 billion in assets in 2017 says it will be the first time DLT-based notarization service will be employed in the frames of Federal Bond Auction. 

The media report that the procedure has been successfully tested. And it is expected that further on it will build on a special system. The latter has already been created inwardly by OeKB and it will notarize data from Austrian Direct Auction System “as hash values" on the Ethereum DLT.

The media outlet points out that the employment of the blockchain, in this case, is not more than for emitting tokenized bonds. They, by the way, will be operating on par with existing paper or digital schemes. 

Quick Look At All Crypto News And Events For November 2020
Were you too engrossed in trading left and right that you’d completely spaced on getting your monthly update of the latest events in the crypto world? Well,...
Bitcoin Era Success Story: Teen Hits Jackpot With Crypto Trading
17-Year Old Hits The Jackpot With Cryptocurrency Trading Venture The news media has been swept up in a tornado with the latest news of a 17-year-old boy...
Keep Up With October Crypto Events Checking Out This Quick Roundup
Top Crypto Market News Of October You Should Catch Up With Do you think the world is turning more crypto-crazed day by day? There’s no limit to your investments...
A Collection Of Fresh Crypto News For Those Who Missed Out
The Major Roundup On The Latest Crypto News In The World The last month has been full of events and brought even more pressure on local business pretty...
What Everyone Should Know About Tokenization
Blockchain tokenization is a means of digital representation of a right and can be done with the help of a ledger. This can be a right to asset ownership...
What To Expect From A Cryptocurrency Market In 2020
Crypto market has always been a good target for speculation, shady schemes, and "bad guys". It's also very controversial, especially for financial markets...
Ethereum Foundation Confirms Upcoming ‘Istanbul’ Upgrade
On November 7th, Péter Szilágyi announced the date of the foundations impending upgrade, known as ‘Istanbul’. This upgrade will be the eighth hard fork...
Bitcoin’s Volatility? In 2017 BTC Was More Stable Than In Its Early Days
Despite some 30% crashes in 2017, bitcoin managed to increase by total 1,400% last year, conquering the world’s financial stage. Banks are becoming more...
Stablecoin - Everything You Need to Know
What Is A Stablecoin? You must have heard of cryptocurrency which has been the recent talk of the town. Well, stablecoins are a form of cryptocurrency....
Influence of Recent Cryptocurrency Boom: Does It Still Hurt?
Crypto Exchange Gate.io Agrees With Reports Showing 51% Attack On Ethereum Classic Bitcoin is a decentralized digital currency (also known as cryptocurrency)....
What is a Security Token?
Security tokens became very popular, but do you really know what is STO?STO is Security Token Offering, which is identical to an ICO. In this, there are...
Canada Reports Blockchain To Be Amongst Its Highest Paying Industries
A report recently published by the Canadian Digital Chamber of Commerce proves that the money involved in the blockchain industry of the nation is at the...
Cryptocurrency Exchange Security Levels
The growing interest in cryptocurrencies has led to the emergence of a wide selection of both digital money and the sites where you can exchange one cryptocurrency...
Belarusbank Considers Setting Up Crypto Exchange
Last year March Belarus introduced a decree by which it legalized cryptos and some activities related to them. This made Belarus a frontrunner in the race...
Gold Pulls Bitcoin Investors From BTC, Says Van Eck Associates CEO
In 2017-2018 bitcoin bit gold as bait for investors. However, the situation is expected to change in 2019 as investors already hope more for the gold than...