A village in Japan named Nishiawakura Village has announced its decision to launch an initial coin offering (ICO) in order to secure funds for creating a sustainable region, which it describes as Japan’s first decision to issue a regional ICO by a local government.
Nishiawakura Village is in Okayama Prefecture, that is located in the southern part of Japan’s Honshu island; it is mostly known for its rural landscapes, feudal castles and art museums. With the largest part of the area covered in forest, the village has a population of approximately 1,500. The village, wanting to remain economically independent now describes itself as Japans first decision to issue a regional ICO by a local government.
According to the official announcement of the village quoting:
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 funds procured will carry out business development, etc. in collaboration with Nishiawakura Village, and will develop a sustainable community.
The village’s tokens will be called Nishiawakura Coin (NAC) and the NAC coins will carry voting rights which will give the citizens and holders participating rights in decision making relating to local ventures, the village explained.
“We plan to advance according to the revised fund settlement law in line with the self-regulation rules on the management and finance by the Japan Virtual Currency Exchange Industry Association” according to the announcement. This industry association was established in April and consists of 16 government-approved crypto exchanges. The revised fund settlement law went into effect in Japan last year, legalizing crypto as a means of payment.