The local government of a Japanese village named Nishiawakura is considering a municipal ICO to raise funds in order to revitalize the region.
Nishiawakura is located in the Aida district of the Okayama Prefecture. This small village has a population of only about 1,500 spread across nearly 58 square kilometers, of which 95% is covered in forest.
The local government has partnered with three private firms and initiated the research and planning of a proper and effective model to conduct the initial coin offering.
The official announcement translates: “We have actively worked on unique measures to revitalize the region. In order to continue investing in such sectors and realize a sustainable community development, we have started research on the introduction of a municipal ICO in collaboration with private enterprises, and how it is possible to use a municipal ICO as a new financial source for the village.”
The three private enterprises with which the village has partnered are Chaintope Co Ltd., Murashiki Co Ltd., and A-zero Co Ltd. The first is a blockchain firm specializing in issuing regional tokens, and the other two are an e-commerce development company and a regional reconstruction company respectively.
The ICO market in Japan is still unregulated, but there is some recent hype in its adoption in the mainstream economy. Last month, two major business groups in Japan, GMO and SBI Holdings, announced their plans to engage in the booming market.
And with such moves from a governing body, even only a local one, it is clear that Japanese society is ready to embrace the new technology wholeheartedly.