According to ChainCatcher, the Palau government has launched Palau Invest, a "blockchain-based savings bond prototype system." Now that the prototype has been completed, a public demonstration system has also been launched. Japan's Ministry of Economy, Trade and Industry and Soramitsu Blockchain are providing support for the project, which aims to fund infrastructure projects in the country.
The Treasury Department must finalize the bond issuance criteria and get approval from the government. About 18,000 Palau citizens will be able to buy the bonds from the Treasury Department through an app on their phones.
“The savings bond program allows us to finance critical projects such as housing, small and medium enterprise development, roads and other basic services with domestic funds,” Palau President Surangel Whipps Jr. said at the launch. “These projects are not only critical for infrastructure, but also have spillover benefits.”
