The village, which is located in the Okayama prefecture of Japan (see below), last week revealed its plans to launch a regional token sale to raise funds to improve its infrastructure.
Its residents rely primarily on forestry to support the local economy; indeed, around 95% of the village made up of forest (see below).
Nishiawakura's Token Economy Association will issue the token which has been dubbed Nishiawakura Coin (NAC).
The launch date hasn’t been announced yet but there are some details re the token on the official website.
This will be Japan's first municipal ICO, although Japanese crypto experts expect many other towns and villages to follow suit.
Japan has always been at the cutting edge of technology and it seems that its more rural towns and villages are no exception.
Japan is in the process of evaluating its regulations on cryptos and initial coin offerings following the Binance hesit in January which saw hackers make off with $500 million worth of cryptocurrencies.
Japan goes crypto crazy
The village was inspired to launch its own token upon witnessing the many governmental agencies and non-profit organizations that have raised funds via ICOs, Nikkei reports.
Government officials also observed that the country is moving ahead with the establishment of self-regulatory rules regarding the blockchain funding model.
The release quotes Yoichi Ochiai, a Japanese researcher and crypto author, who claims that future local governments in Japan ‘will move away from centralization and make an aggressive investment in ICOs’.