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Austria goes Crypto! Public Ethereum Blockchain for €1.15 Billion Bond Auction

#Austria will raise a total 1.15 billion euros in a federal bond auction on Oct. 2 using blockchain notarization, according to #Oesterreichische #Kontrollbank (OeKB), which oversees the auctions for issuing federal bonds as a neutral capital market participant for the #Austrian Federal Financing Agency (OeBFA). The auction demonstrates Austria’s pioneering role in #Europe for deploying #blockchain technology for sovereign bond issues, according to the notice posted on the #Finance #Ministry website.

Two outstanding #German #government bonds, 0.75% Federal Bond 2018 – 2018 and 0.00% Federal Bond 20166 – 2023, will be auctioned, comprising 1.15 #billion euros.

The #OeKB IT #department implemented the project using the Ethereum blockchain, according to #KleineZeitung.

Digitization Of Finance Arrives

“The #digitization of the financial sector, also known as fintech, has long arrived in Austria,” Finance Minister #Hartwig #Loger said in a prepared statement. “We need to use the positive effects intelligently for the financial services sector. #Blockchain #technology is an economic policy focus for us. With the establishment of the #FinTech Advisory Council in the Ministry of Finance, we are developing strategies to help #Austria make the best possible use of these #developments.”

“#Blockchain technology offers great potential for increasing efficiency and ensuring the quality of bank processes,” #Angelika #Sommer-Hemetsberger, a member of the OeKB #management board, said in a prepared statement. “Therefore, we have been dealing with this topic #intensively for some time now and have already tested several #prototypes. Starting the real operation on behalf of #OeBFA is a pleasing and logical next #step.”

#Austria Plans to Regulate Bitcoin Like Gold, Derivatives https://t.co/DUFcEGi9f0

— CCN (@CryptoCoinsNews) February 23, 2018

Notarization To Verify Data

The #blockchain notarization service will verify the data’s authenticity. “This added security contributes to a high level of confidence in the #auction process of Austrian government bonds and strengthens #Austria’s good standing in the market, which can also indirectly contribute to favorable #financing costs,” said Markus Stix, head of OeBFA.

Blockchain and similar solutions will be used as the main technology in many aspects of public #administration, noted OeKB, which evaluated different blockchain technologies for the #project.

Vienna image from Shutterstock.

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