In September 2018, World Bank has raised A$110 million by launching bond-i. The Commonwealth Bank(CBA) has helped the World Bank in launching the bond.
First State Super, NSW Treasury Corporation, CBA, SAFA, Northern Trust, Treasury Corporation of Victoria are few investors in bond-i. By launching these bonds, World Bank has integrated its developmental activities with blockchain technology for the first time.
‘Bond-i’ was expected to help World Bank in harnessing the potential of disruptive technologies for development. The World Bank also said that it would leverage emerging technology to make capital markets secure and efficient.
At the joint annual meetings event with International Monetary Fund(IMF) this week, World Bank president Jim Yong Kim has said Blockchain holds “huge potential”. He also said “embracing technology” is essential to meet World Bank’s aims.
He also called the Aadhar system in India tremendous innovation that aims at ending poverty and boosting shared prosperity.He said cryptocurrencies would help reducing corruption.He considers the launch of ‘i-bonds’ as a success, as it reduced paperwork and the bank’s costs.
He on behalf of World Bank Group admitted that the bank was not keeping up with latest developments coming out of places like Silicon valley, Israel and other places. Yet, he assures that the World Bank would accomplish its goals of ‘financial inclusion’ and ‘access to financial services’ by using technology in areas wherever feasible.
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