according to a report of October 19 Israel’s Ministry of Finance has partnered with VMware and fire blocks conduct a proof of concept for government bond issuance via blockchain to reduce costs and shorten the duration of government bond issuance and clearing.

In addition, the project aims to increase transparency, streamline processes and mitigate risks.

Eden Project

The new project is called “Eden” by the government. As revealed, the general account established the project through the Debt Unit in the financing division and the Tel Aviv Stock Exchange.

It should be noted that the Proof of Concept project will incorporate the digitization of a new series of bonds and their disbursement to system participants. Before the bonds can be issued, major international and local banks must participate in a “live test.”

Over the course of the test, each bank will receive a series of tokenized government bonds in its wallet through the project’s platform. Banks are then expected to transfer the received digital currency to an Israeli government wallet address.

Tel Aviv Stock Exchange (TASE) CEO Ittai Ben-Zeev said:

“Financial markets are undergoing drastic transformations in recent years, with the introduction of revolutionary technologies that affect the way customers around the world trade and invest.”

Furthermore, in response to the development, Israel’s Accountant General states that the country is currently leading, along with TASE, in issuing state bonds using blockchain technologies. With this, Israel You will be able to explore new possibilities for the issuance and management of public debt in a safe and controlled environment.

Fireblocks CEO Michael Shaulov expressed his satisfaction in working with the Israeli Ministry of Finance, TASE and VMware, noting that the digitization of the financial system requires public and private cooperation.

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This post Israel moves to tap into government bonds via blockchain

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