For the first time in Japan, a municipality has announced plans to launch an initial coin offering (ICO) in order to secure funds to develop a sustainable community. Named after the village, its tokens will be known as Nishiawakura Coin (NAC). The coin will reportedly be Ethereum-based.
The primitive but lush green Nishiawakura Village in Okayama Prefecture has a history of refusing to merge with Mimasaka City when municipalities nationwide consolidated, preferring economic independence. Located in the southern part of Japan's Honshu island, Nishiawakura's population is just 1,500.
The initial coin offering is scheduled only by the end of the fiscal 2021.
The Municipal authorities announced, "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 NAC coins will be issued by the newly formed Nishiawakura Village Token Economy Association (NVTEA), comprised of 16 government-approved crypto currency exchanges.
The Nishiawakura Municipality said the Association will operate according to the revised fund settlement law, and in line with the self-regulation rules on the management and finance by the Japan Virtual Currency Exchange Industry Association.
The revised fund settlement law has legalized cryptocurrency as a means of payment in Japan.
The coin holders will have voting rights, allowing them to decide whether they want companies to launch branches in the village, and participate in the community projects, such as the development of local infrastructure.
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