The Austrian government has notarized the auction of a government bond of approximately $1.3 billion with Ethereum.
The Federal Government’s Finance Agency (OeBFA) has nominated Oesterreichische Kontrollbank (OeKB) to take charge of the auction on 2nd of October. The bank’s responsibilities involve utilizing the notarization service to confirm auction transaction data and deposit it on the blockchain.
OeKB has approved that it will operate internal IT resources to manage administer the deployment of using Ethereum blockchain to deposit data which has the public network. The member of the management board of OeKB, Angelika Sommer-Hemesterberger, said that it is the Austrian government’s first move toward the blockchain for domestic financial transaction. Furthermore, the head of the OeBFA, Markus Stix, mentioned that there will be changes in economic policies with the rising technology and additional security will give more trust to the auction process of Austrian government bonds and bring favourable results.
The movement is applied to bond-issuance process case. The World Bank Group claimed that it raised $81 million last month, during its landmark bond issuance with the private blockchain network which is created by Commonwealth bank of Australia. Moreover, last July, Mercedes Benz Daimler AG issued 100 million euro blockchain bond on a private version of Ethereum.
Author: Jieun Lee