The local government of a Japanese village named Nishiawakura is considering a municipal ICO to raise funds in order to revitalize the region, Financial Magnates reported.
Located in the Aida district of the Okayama Prefecture, the small village has a population of only about 1,500 spread across nearly 58 square kilometers, of which 95% is covered in forest.
The local government has partnered with three private firms Chaintope Co Ltd., Murashiki Co Ltd., and A-zero Co Ltd. and initiated the research and planning of a proper and effective model to conduct the initial coin offering.
The official announcement reads: “We have actively worked on unique measures to revitalize the region. In order to continue investing in such sectors and realize a sustainable community development, we have started research on the introduction of a municipal ICO in collaboration with private enterprises, and how it is possible to use a municipal ICO as a new financial source for the village.”
The ICO market in Japan is still unregulated, but there is some recent hype in its adoption in the mainstream economy. Last month, two major business groups in Japan, GMO and SBI Holdings, announced their plans to engage in the booming market.