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BY CNA Team - September 28, 2018

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Blockchain technology to facilitate Austrian government’s US$1.33bil bond auction

Austria is pioneer in Europe in using blockchain for government bond auction
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Blockchain technology will be used to facilitate the raising of US$1.33bil worth of bonds on behalf of the Austrian government on Oct 2.

Austrian news publication Kleine Zeitung says in a Sept 25 report that the auction, which will be undertaken by Oesterreichische Kontrollbank (OeKB) on behalf of the Austrian government, will make the country a pioneer in government bond issues in Europe.

Two bond tranches will be auctioned totalling US$1.33bil using the Ethereum blockchain platform to certify the sale of the bonds.

One bond is a new issue with a 2023 maturity date and the other is a current issue that is being refinanced with a 2028 maturity date.

Austrian finance minister Hartwig Löger says in a press release that the government is focusing on the technology as an economic policy.

The FinTech Advisory Council was established within the finance ministry in February and is overseeing the regulatory framework for cryptocurrencies and initial coin offerings.

Image courtesy of Federal Chancellery website.

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