Berkeley, California, could be the first municipality that will sell an undetermined amount of municipal bonds via blockchain technology.
Why is it important?
This will be the first case of using blockchain technology to raise funds for community projects.
Whose initiative is this?
Berkeley’s vice-mayor Ben Bartlett is the main supporter of selling municipal bonds using cryptocurrencies technology. He aims to boost the community’s participation by offering municipal debt in minibond securities for less than the typical minimum denomination of $5,000, Bloomberg reports. In a unanimous vote Tuesday night, the City Council asked the city manager to evaluate the benefits of a pilot venture.
By Ekaterina Ulyanova