A small Japanese village has decided to strengthen its economy using cryptocurrency.
Nishiwaseda village, numbering approximately 1,500 people, located in Okayama Prefecture in Japan. Last week it announced its plan to hold an ICO as security for the financing. Currently, the municipality relies on forestry to support its economy – about 95 percent of this small town are forest land.
Nishiawakura Coin (NAC) will be released Nishiawakura”s Token Economy Association. While the launch date is not yet unknown, and some details about the coin can be found on the official website.
The village has begun work on its own ICO after the local government realized that the ICO are widely used around the world by companies and non-governmental organizations. Officials also noted that the country is a leader in the regulation of the financing model of the blockchain.
In his address, about ICO the village is quoted Japanese researcher and author of books on the topic of cryptocurrency Yoichi, Ochaya, who argues that in the future local governments in Japan “go away from centralization, and will make aggressive investments in the ICO”.
This is not the first manifestations of interest for the ICO on the part of municipal governments. In the United States, the mayor of Louisiana Lafayette had also offered to host the ICO to raise money for city needs.