RATE Group | World Bank to Issue its First Blockchain-based Bond on the Ethereum Network
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World Bank to Issue its First Blockchain-based Bond on the Ethereum Network

11 Aug World Bank to Issue its First Blockchain-based Bond on the Ethereum Network

Posted at 13:37h in Ethereum News by

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World Bank HQ

ICO News
11th Aug 2018 13.02 GMT

The World Bank (aka International Bank for Reconstruction and Development) has instructed the Commonwealth Bank of Australia (CBA) to arrange for the first global bond to be created, allocated, transferred and managed using blockchain technology.

Denominated in Australian Dollars, the Kangaroo bond, catchily termed ‘bond-i’ – standing for Blockchain Offered New Debt Instrument, a tongue-in-cheek play-on-words in reference to Australia’s most famous beach – will be issued and distributed on a blockchain platform operated by the World Bank in Washington and the CBA in Sydney.

ETHEREUM “FIRST CHOICE”

Ethereum has been chosen as the blockchain for the project as the CBA believes it “…currently has the largest and most active development community globally, and offers the functionality we require.”

Following the decision, the Bank state an independent review of…

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