Austria is auctioning off $1.3 billion in gov't assets using Ethereum

27 Sep, 2018
by Arthur Sillers
News
Austria is auctioning off $1.3 billion in gov't assets using Ethereum

According to a report published by Klein Zeitung on his website, the Austrian government is adopting the Ethereum blockchain in an effort to track and manage billions of dollars in public debt.

The Austrian public financial entity known as the The Oesterreichische Kontrollbank (OeKB) is auctioning off $1.3 Billion in government bonds, which will then be tracked and authenticated using the blockchain developed by Ethereum.

This announcement is another step in the Austrian government’s demonstrated adoption of distributed ledger systems, with the Finance Minister Hartwig Loger having stated in a public release recently, "Blockchain technology is an economic policy focus for us, and with the establishment of the FinTech Advisory Council in the Ministry of Finance, we are developing strategies to help Austria make the best possible use of these developments."

Angelika Sommer-Hemetsberger, an OeKB board member, said of the auction, ‘Blockchain technology offers great potential for increasing efficiency and ensuring the quality of bank processes.’

This development, which will be fully rolled out next Tuesday, shows the increasing use of blockchain technology in government as a financial security tool.

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Read more about: Ethereum (ETH)

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