The government of the Japanese village of Nishiawakura has announced that it is planning an Initial Coin Offering to kickstart its economy.
While the international jury is still out on Initial Coin Offerings – with countries such as China issuing outright bans, and nations such as Taiwan encouraging them – the Japanese village of Nishiawakura has now announced its plans to launch an ICO with the view of bolstering its economy.
The news comes on the back of some of Japan’s more open-minded policies surrounding cryptocurrencies and Blockchain development – just last month, several new Bitcoin exchanges open up shop in the country.
The government of Nishiawakura has disclosed that it is not planning to use either the Ethereum or Waves platform, and that it is still in the early stages of planning the endeavor.
In early news, however, local government confirmed a partnership with Chaintope, a firm specializing in the development of regional cryptocurrencies, as well well as Murashiki Co, which will develop an e-commerce platform for the system. Further, local government will leverage Amazon Web Services for data storage ‘on a closed network separate from the internet’.
Nishiawakura itself has an estimated population of around 1,500 citizens, and is mostly comprised of by forests planted during 2009 as part of its “100 Year Forest” initiative.
The village’s intent to hold an ICO could prove a boon to its economy. In October this year, the City of Dubai proceeded to announce its own cryptocurrency called emCash.
Ali Ibrahim, the Deputy Director General of Dubai Economy, cited at the time that emCash will be considered legal tender, and could be used for various government and non-government services.
Nishiawakura’s ICO could ultimately tokenize aspects throughout the village, and provide an integrated digital currency for citizens to access key municipal services.
What are your thoughts? How could other territories around the world leverage an ICO to improve their economy? Be sure to let us know your opinion in the comments below!