The World Bank has signed a deal with Commonwealth Bank of Australia (CBA) to arrange the issuing of its first blockchain-based bond, the global financial institution said in a press release on Thursday. The World Bank chose the cryptocurrency technology as a new way of achieving its mission to fight economic inequality and poverty around the world.
According to the press-release, the bond will be the first in the world to be created, allocated, transferred and managed with blockchain technology. Dubbed ‘bond-i’, the instrument will be based on the A$ Kangaroo bond, which is the Australian financial instrument for foreign-based entities that aim to issue debt in Australian dollars but want the funding to be in foreign currency, not in AUD.
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