Key Takeaways:
- Palau has introduced Palau Invest, a blockchain-based savings bond system to fund critical infrastructure projects, with public issuance expected by 2025.
- The project is supported by Japan’s Ministry of Economy, blockchain platform Soramitsu, and utilizes the Hyperledger Iroha 2 blockchain.
- Palau is enhancing its blockchain initiatives, including collaborations on stablecoins with Ripple and digital residency via the Root Name System (RNS).
Palau has introduced Palau Invest, a blockchain-based system for issuing savings bonds to fund local infrastructure projects.
Developed with support from Japan’s Ministry of Economy, Trade, and Industry and the blockchain platform Soramitsu, the initiative aims to raise funds for critical infrastructure like housing, roads, and SME development.
Empowering Financial Innovation in Palau 🇵🇼
— ソラミツ SORAMITSU | 8 YEARS 2016-2024 (@soramitsu_co) October 8, 2024
Soramitsu is proud to collaborate with the Government of Palau and Japan’s Ministry of Economy, Trade, and Industry (METI) to launch a blockchain-based savings bonds prototype system, Palau Invest. This initiative allows Palauan… pic.twitter.com/SYCwSLpFk2
Before being made available to the public, the bonds require approval from Palau’s government.
Once approved, the country’s 18,000 citizens will be able to purchase bonds via a mobile app.
The bonds will operate on the Hyperledger Iroha 2 blockchain, supported by Soramitsu and integrated with the Sora v3 Hub Chain.
This system also links to Polkaswap, a decentralized exchange.
Palau has been involved in several blockchain projects, including collaboration with Ripple on a U.S. dollar-pegged stablecoin and launching the Root Name System (RNS), a blockchain-based ID platform for digital residency.
The full-scale launch of the bond project is targeted for 2025.
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