According to the Decree of the World Bank, the Commonwealth Bank of Australia will Issue Bonds on the basis of Blockchain
As reported in an official press release published on August 10, World Bank ordered the Commonwealth Bank of Australia (CBA) to start issuing bonds based on Blockchain technology.
According to the data, CBA will deal with the creation of a global system that will be “created, distributed, transferred and managed using Blockchain technology.” It is reported that the Blockchain Offered New Debt Instrument (bond-i) will be developed and distributed on the Blockchain platform with the support of World Bank in Washington and CBA in Sydney.
As is known, CBA uses Ethereum Blockchain, but bank representatives say that they are open to alternatives, taking into account the rapid development of this sphere. CBA Director General for Institutional Banking and Markets James Wall said:
“We believe that this transaction will be innovative, as a demonstration of how Blockchain technology can act as a facilitating platform for different participants.”
As reported in the press release, the use of Blockchain will simplify many processes, including attraction of investors, trading in securities, control by regulators and conducting operations. As the data show, World Bank Bank issues bonds worth 50-60 billion dollars annually. Bonds are used to supporting emerging economies.
5 Day Stock Chart Commonwealth Bank of Australia. Source: Reuters
This post is also available in: Русский