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Colombia Central Bank Launches Blockchain Bond Project

The Central Financial institution of Colombia (Banco de la República), IDB Group and Banco Davivienda have launched the pilot of Colombia’s first blockchain bond. 

In response to an official assertion by Banco de la República, the bond will likely be issued, positioned, traded and settled on blockchain expertise via the usage of sensible contracts for the Colombian securities market. 

IDB Group consists of the Inter-American Improvement Financial institution, the Inter-American Funding Company and the Multilateral Funding Fund.

The pilot program “seeks to confirm the advantages of this new expertise within the life cycle of a safety, from issuance to maturity,” and is predicted to final six months, Banco de la República added. 

Banco Davivienda, a Colombian financial institution based mostly in Bogotá, will challenge the bond and IDB Make investments will underwrite the complete challenge. The assertion added that the operation will likely be recorded in LACChain, a platform launched by BID Lab, “leaving the entire traceability of the bond in blockchain expertise.”

The cash underneath the pilot program will likely be processed by the fee system of Banco de la República, which is able to act as an observer node within the blockchain community. 

IDB Group will contribute technical assist for the implementation of the proof of idea, and can supply recommendation on each regulatory and technical elements of the operation, the assertion added.

Source: CoinDesk


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