Nishiawakura Village is in Okayama Prefecture, which is situated in the southern part of Japan’s Honshu Island. The prefecture is to a great extent known for its rural landscapes, feudal castles and art museums. With 95% of the territory covered in forest, the town has a populace of roughly 1,500.
The town administration has been known for making strides which a bizarre for districts. In the mid-2000s, the village declined to converge with Mimasaka City when municipalities across the nation consolidated, needing to remain economically independent and now it portrays itself as “Japan’s first decision to issue a regional ICO by a local government.”
As per the official declaration of the town citing
“In order to promote the creation of a sustainable region in the future, as a means for small local governments to secure new financing resources and to build up regions through upfront investment, tokens issuance, and the creation of virtual currencies, we will introduce fundraising through an ICO for the first time as a municipality in Japan.”
The funds secured will complete business development, and so on in a joint effort with Nishiawakura Village, and will build up a sustainable community.
The town’s tokens will be called Nishiawakura Coin (NAC) and will be issued by the recently formed Nishiawakura Village Token Economy Association (NVTEA). The NAC coins will convey voting rights which will give the nationals and holders participation rights in decision making relating to local ventures, the town clarified.
“We plan to advance according to the revised fund settlement law…in line with the self-regulation rules on the management and financed by the Japan Virtual Currency Exchange Industry Association,”
as indicated by the declaration. This industry association was built up in April and comprises of 16 government-approved crypto exchanges. The updated fund settlement law became effective in Japan a year ago, legitimizing crypto as a method for payment.