More and more people, organizations, businesses and governments are beginning to see the incredible benefits offered by digital currencies and blockchain technology. As more and more people and entities begin to see these benefits, the adoption of digital currencies and their core technology continues to increase.
Digital currencies have seen a handful of adoption over the years, and this has made them more popular and has also increased their values.
Recently, the Australian government has also discovered how they can reap great benefits from the blockchain technology and have decided to adopt the Ethereum blockchain (ETH) to solve one of their main problems.
The Australian government wants to solve the debt problem with Ethereum Blockchain
The Government of Austria has a bigger debt problem and wants to raise 1.15 billion euros at an auction next week. To do this, the government wants to issue a bond on the Ethereum blockchain (ETH), which would increase efficiency and reduce costs.
The government would issue two bonds, the first bond will mature in five years while the second will mature in ten years. The 10-year bond will generate an interest of 0.78% and investors would be able to withdraw it only after ten years. The debt will be recorded on the blockchain but is not negotiable.
For those unfamiliar with this space, government bonds are just like the initial coin offerings. The difference is that for ICOs, startups offer promises of innovative technology, while governments sell bonds with promises to be able to collect taxes from their citizens.
Ethereum Price (ETH) today – ETH / USD
The value of Ethereum (ETH) has not been at its best in recent weeks, as its position is currently threatened by XRP (XRP). At the time of writing, the digital currency is changing hand to $ 231 after an increase of around 6.6 percent over the past twenty-four hours. The current market capitalization of Ethereum (ETH) is $ 23.69 billion and its trading volume over the past twenty-four hours is $ 2.18 billion.