World Bank Offers Blockchain Bond
1 Minute Read
Categories: Cryptocurrencies, Regulatory
On August 9, 2018, the World Bank issued a press release highlighting what it described as the “World’s First Blockchain Bond.” It will be issued in Australia and, according to news reports, will be called a BONDI—both in honor of the famous Australian beach and also a clever acronym for “Blockchain Offered New Debt Instrument.” The issue size is approximately AUD $100 million (about USD $74 million).
Current regulations in the United States limit the ability of securities to trade exclusively over a blockchain, but over time we believe they will become more commonplace as the rules and market practice adapt. More fundamentally, there is a huge potential in blockchain to disrupt the current U.S. trading and settlement process that developed after the paperwork crisis of the early 1970s and is now based on a decades-old business model.
Tags: Australia, Blockchain
PartnerMayme counsels clients on securities law matters, capital markets transactions, mergers and acquisitions and corporate governance issues. She is also a leader of the firm’s AI, Metaverse and Emerging Technologies practice and ...
PartnerScott brings in-depth knowledge of SEC policies, procedures and enforcement philosophy to each representation. Scott regularly advises clients across a broad sector of the economy facing sensitive reporting, compliance and ...
The Hunton Andrews Kurth Blockchain Blog features opinions and legal analysis as we follow the development and use of distributed ledger technology known as the blockchain.
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