Pop. 1,500 Village Set to Issue its Own ICO by 2021

A tiny village in Japan’s rural Okayama Prefecture has confirmed it will launch an initial coin offering (ICO) by the end of the 2021 financial year, as a means to reinvigorate its economy and boost financial autonomy. The village authorities of Nishiawakura – population 1,500 – say that if successful, their ICO scheme will be a historic first for a Japanese local government body.

The village says it intends to give Nishiawakura Coin (NAC) holders voting rights, allowing them to decide whether they want companies to launch branches in the village, and participate in the community projects, such as the development of local infrastructure.

Nikkei says that some 95% of the village’s territory is forested, and that the NAC initiative will allow villagers to exercise better control of their land.

The village says it will create a body called the Nishiawakura Village Token Economy Association to oversee the ICO, with representatives of local businesses taking up executive roles.

Nishiawakura authorities first floated the proposal back in November last year, and at the time claimed they would not be making use of Ethereum- or Waves-based standards. However, a recent report by Nikkei claims that the village’s token, the Nishiawakura Coin, will indeed be Ethereum-based.