This Village Decided to Launch Japan’s First Municipal ICO
Securing funds has always been one of the most important topics in all the countries, including Japan. For this very purpose of securing the funds so as to create a nice sustainable region, a village / municipality in Japan had announced few days back about the launch of its first ICO (Initial Coin Offering).
More information regarding the Launch –
ICO or the Initial Coin Offering is defined as, “An unregulated means by which funds are raised for a new cryptocurrency venture.”
According to the decision which was made by the village government, this would be Japan’s first time wherein a municipality is allowed to make use of a token sale in order to raise secure funds.
The village, as in their own words, describes this Initial Coin Offering announcement as, “Japan’s first decision to issue a regional ICO by a local government.”
The official announcement made by Japan’s village – Nishiawakura, is as follows –
“In order to promote the creation of a sustainable region in the future, as a means for small local governments to secure new financing resources and to build up regions through upfront investment, tokens issuance, and the creation of virtual currencies, we will introduce fundraising through an ICO for the first time as a municipality in Japan.
The funds procured will carry out business development, etc. in collaboration with Nishiawakura Village, and will develop a sustainable community.
We plan to advance according to the revised fund settlement law…in line with the self-regulation rules on the management and finance by the Japan Virtual Currency Exchange Industry Association,”
The village –
One of the beautiful villages in Japan is the Nishiawakura village which is in Okayama prefecture. This village is well-known for its scenic landscapes of the rural side of Japan’s island which is known as Honshu. This particular village is basically located in the southern part of the island which has many art museums as well as feudal castles. Almost 95 % of this village is known to be covered with forests and the village contains a population of around 1,500.
Nishiawakura is known for its independent nature. One simple example was when this village refused to join hands with Mimasaka City, during the nationwide consolidation of municipalities.
Coins and Tokens of the village –
Crypto was legalized as a means of payment in Japan just in the previous year and the Japan Virtual Currency Exchange Industry Association was established in April which consists 16 crypto exchanges which are approved by the government.
Nishiawakura’s tokens are to be referred to as NAC, i.e. Nishiawakura Coin. The token would be issued by the Nishiawakura Village Token Economy Association.
It is also said that these NAC coins would have the voting rights related to the local ventures.
So clearly, Japan is growing in terms of the cryptocurrency world.