World Bank Authorises Australia’s CBA for Issuing World’s First Blockchain Bond

Blockchain Australia’s Biggest Bank Launches World’s First Blockchain Bond With World Bank Prateek Dimri

But because there as yet is no central bank-backed digital currency in existence, the two-year blockchain bond will rely on real-world money: Australian dollars.

The Commonwealth Bank of Australia (CBA), the country's largest bank, has won a mandate from the World Bank to become the sole arranger of a bond exclusively created and managed on a blockchain. Last year, a company in the United Kingdom issued a bond using Ethereum's public blockchain.

As reported in January 2017, the CBA has experience in creating a blockchain bond powered by smart contracts after trialing a 'cryptobond' prototype for the Queensland Treasury Corporation. The distributed ledger technology has the potential to streamline processes for raising capital and trading securities, improve operational efficiencies, and enhance regulatory oversight, the bank said.

The crypto sphere is freaking out in a good way right now, as CoinDesk just announced that David Marcus, exec at Facebook, is stepping down from his board position at Coinbase.

There's also a social good element to the initiative, with Wall touching on the World Bank's plan to use tech such as blockchain to end poverty.

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The World Bank issues between US$50-US$60 billion annually in bonds to support sustainable development and noted the growing investor interest in "bond-i", a blockchain operated new debt instrument.

"We take a collaborative approach to innovating, and have a track record of partnering with other leading financial institutions, government bodies, and corporates to innovate through blockchain".

The CBA said it had found solutions to technical and legal issues to make the transaction work. Finally, this also opens up borders and provides banks with a new and more efficient method through which bonds can be serviced, on an worldwide level.

The new bond will be called bond-i, which is an acronym of Blockchain Offered New Debt Instrument and also refers to a famous spot in the country, the Bondi beach. CBA has further informed that the bond would welcome other blockchain technologies in the future times. The operation in the U.S. capital will use Microsoft Azure cloud system. An independent security and resilience test of the blockchain on which bond-i will run was said to have been conducted by Microsoft.

On the legal side, the law firm of King & Wood Mallesons acted as deal counsel on the bond issue and advised on the legal architecture.

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