The Austrian Government has decided to explore Ethereum’s Blockchain Technology to its highest level. On Sept 25th, it announced about exploring Blockchain Platform of Ethereum to issue Government bonds. They are worth € 1.15 billion ($ 1.35 billion).

The Austrian Government has planned to issue € 1.15 billion ($ 1.35 billion) bonds using Ethereum’s distributed ledger platform by 2nd October.

Oesterreichische KontrollBank (OeKB) will issue bonds on behalf of the Austrian Treasury (OeBFA). Ethereum’s Blockchain will notarize these bonds.

Austria’s Finance Minister, Hartwig Loger (OVP) said that Blockchain Technology is an economic policy for the government. Meanwhile, the formulation of FinTech Advisory Council in the Ministry of Finance will also aid towards the best possible usage of the technology.

Also, OeKB Board Member, Angelika Sommer – Hemetsberger also added her concern. She told that the technology can increase efficiency and high quality of bank processes.

As distributed ledger Technology provides increased security, hence, it is sure to increase the tenacity in the sell-off of the Austrian Government bonds. This will result in Austria’s emergence as a leader in the financial field.

They also stated about the reasons behind choosing Ethereum’s Blockchain Platform. The technology has gone through multiple testings as of now. It has got increased efficiency and can provide reliability to any product it gets associated with.