Vienna readies $1.15bn in government bonds on ethereum

September 27, 2018
Chris Wheal

More positive government news – the Austrians are poised to issue $1.15bn in government bonds on the ethereum public blockchain. The bond auction will take place next week and will be overseen by one of Austria’s biggest banking players Oesterreichische Kontrollbank (OeKB). 

The operation has already been tested in trials via the Austrian Direct Auction System. However, tokenized bonds that can be exchanged for digital paper is a step too far currently. But the move does get recognition for cost reduction. 

View of Vienna from Saint Stephane’s cathedral, Austria

Confidence pushes higher

“This added security contributes to achieving a high level of confidence in the auction process for Austrian government bonds and strengthens Austria’s good standing in the market, which indirectly also has the capacity to contribute to favourable financing costs,” the MD of the Austrian Treasury, Markus Stix, told Austrian media. 

Tourists on Vienna’s Stefanplatz

Plus added tourist boost

The Austrian National Tourist Office (ANTO) is also planning a new digitial ad campaign built and powered by blockchain tech. The tourist operator is taking part in a pilot with Adbank, “an Ethereum-based ad platform powered by the ADB token that aims to reduce ad fraud; a problem that will cost advertisers $51 million a day in 2018,” it claimed in a press release.

The platform aims to reduce fees by ad tech middlemen, some of which are marking up the cost of ads by up to 70% or more claims ANTO and Adbank. 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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