365Crypto
Palau, a small island nation in the Pacific, is testing a digital savings bond system built on blockchain to raise money for infrastructure projects like roads and bridges. The system is still in the review phase, and no bonds have been sold yet, according to Japanese blockchain company Soramitsu, which is helping run the project.
Palau’s president, Surangel Whipps Jr., says this project will provide funding for key areas like housing and business development, creating jobs and strengthening the local economy.
The platform is powered by SORA’s blockchain technology, developed with help from Japan’s Ministry of Economy, Trade, and Industry. The country plans to launch the digital bonds fully in 2025, allowing Palauans to buy them using a mobile app.
Before that can happen, Palau’s Finance Ministry has to finalize bond terms and get government approval. The country, which uses the US dollar, does not currently have a traditional bond system.
Palau has already experimented with blockchain in the past. It launched a stablecoin with Ripple in 2021 and introduced digital residency IDs using Solana’s blockchain in 2023.
