Japanese Village Plans To Conduct Initial Coin Offering To Revive Its EconomyNovember 21, 2017 1:28 pm
The local government of the Japanese village of Nishiawakura plans to launch an initial coin offering (ICO) in an effort to boost its economy, Cointelegraph reported Tuesday.
Working with a Blockchain technology provider as its partner, the village is only currently in the planning stages on how it will conduct the ICO, the report said.
Indications are local officials are not interested in using the Ethereum and Waves platform in the ICO, Cointelegraph reported.
The village, the report said, plans to use any funds raised from the ICO to finance projects to upgrade vital infrastructure in the village.
Nishiawakura’s plan, the report said, to conduct an ICO shows people in Japan are more open-minded about innovative new financing models. The lack of any clear regulatory framework to cover the ICOs, however, can pose a major hindrance to the success of the planned ICO by the Nishiawakura government.
If the ICO fails, the government still has other options to raise the needed capital, the report said, including asking for support from the national government and seeking investments from the private sector. It remains to be seen, however, if the local officials will advance their planned ICO or cancel it.
– WN.com, Jack Durschlag