The authorities of the Japanese village of Nishyavakura from Okayama prefecture announced the start of the initial coin offering (ICO). Officials studied the possibility to strengthen the economy of the village thru the ICO since November 2017. This is reported by Bitcoin.com.
With the help of the ICO and its own crypto currency, the authorities hope to get money for "a sustainable regional economy in the future, providing the municipal authorities with new financial resources and developing the region with the help of starting investments."
1500 people lives in village, and 95% of area are occupied by woods. In the early 2000s, when all the municipalities of the country joined the city's districts, Nishyavakura managed to remain an economically independent village and since then the authorities have been seeking funds for its development.
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 local economy association will issue tokens called Nishiawakura Coin (NAC). The owners of coins will have the right to vote, which will allow them to participate in decision-making regarding enterprises in the village.