Austria borrows money – with Ethereum

The Austrian government auctioned on the 2. October more government bonds. Here, for the first time to get a Blockchain-solution: the technical core of the 1,12-billion-Euro auction of the Ethereum platform.

Austria is planning on coming Tuesday, the 2. In October, another round of auctions for government bonds. So, bonds in the amount of 1.12 billion euros will be sold. For the conduct of the auction is set for the first Time on the Ethereum block Chain.

In the case of the auction method draws on the proven Software ADAS (Austrian Direct Auction System). The Oesterreichische Kontrollbank (OeKB) program developed is already in service since 1998. The Software has been developed over the years and is for authorised institutions since 2008, as an Online Service available. Now the program has found its way to the Ethereum block Chain. This is evident from information available to the Small newspaper. The Software advertises high-speed Bidding and results announcement as well as with gr0ßer transparency. For the technical implementation of the IT-Department of OeKB is responsible.

The Austrian Federal financial Agency OeBFA has to enter the auction in the framework of debt management in order.

At the auction, only approved to be "primary dealers". It consists of 21 banks, of which 16 have their headquarters abroad. In the list, some of the representatives from Germany. In addition to industry leader Deutsche Bank, among other things, the Commerzbank and the Landesbank Baden-Württemberg under the approved institutions represented.

Actually, the primary dealers are obliged to participate in the auction of government bonds. In addition, you must participate actively in the secondary market trading for government bonds. About your activities on the Primary and secondary market for Federal government bonds have the 21 institutions of the Austrian state in respect of monthly accountability

The bids must be in increments of one Million euros. Also, you need to contain the price the bidder is willing to pay. The minimum bid is calculated from the total emission volume (1.12 billion Euro), divided by the number of participating financial institutions.

Austria has been more frequently Blockchain and crypto-savvy trends. So it is in the Alpine Republic, for example, possible to purchase Altcoins in post offices.