The World Bank is entering into the brave new realm of digital finance to trade the first-ever bond to be launched completely employing blockchain tech, the bank declared to the media this week.
More than just finances, the World Bank targets to attain experience employing blockchain that can result in “a bright future” for fiscal services in developing countries, an official of the bank claimed to the media in an interview.
The tech is most often related with cryptocurrencies (such as bitcoin). These cryptocurrencies often lifts suspicion about their volatility and reliability, as well as their employment for criminal reasons.
But since there is no central bank-supported digital currency in presence, the 2-year blockchain bond will depend on Australian dollars (real cash).
The Washington-located development lender plans to lift almost Aus$50 Million (close to $36 Million), even though it can be increased 2 times if more investors get added before the bond is concluded net week.
“Since 1947 during our first bond transaction, investor satisfaction & innovation have been significant hallmarks of our success with using capital markets for growth,” claimed Arunma Oteh, World Bank Treasurer, to the media.
Speaking of blockchain technology, Tencent (the tech giant behind WeChat) is seeking to use blockchain tech to ease firm reimbursements. As per the latest blog post, the first payment to bypass the various manual verification measures was concluded in a restaurant in Shenzhen.
In China, stores can give 2 kinds of receipts: for companies and for individuals. Whenever a worker wishes to be compensated for a specific expense, he should ask for a receipt for a firm, offering his firm’s unique ID number. After that, the firm must evaluate the document, which is manually filled by the vendor, and file it with the individual tax organization.