In California, they want to hold the first ICO organized by the official authorities to solve a number of problems, for example, problems of homeless and affordable housing
In California, they want to hold the first ICO organized by the official authorities to solve a number of problems, for example, problems of homeless and affordable housing. The initiative came from the vice-measure of the city of Berkeley, Ben Bartlett. On May 1, officials voted to issue municipal bonds on the blockchain, which they called “micro-bonds.” Their release is planned within the framework of the pilot project. The profit from fundraising is planned to be spent on organizing a shelter for the homeless, supporting the emergency department and a separate fire engine.
According to the vice-measure, the project will be implemented within a month and a half from the day of launch. He also said that this initiative has already attracted the attention of many financiers even behind the US Ardelean. However, the technical details of the project have not yet been disclosed. As Bartlett says, at this stage, the initiative has faced serious resistance directly in the municipality, despite the fact that a number of officials are still interested in implementing the project.
In addition, because of the financial intermediaries’ expenses, the municipality is forced to issue bonds in large lots, with a high minimum investment threshold of $ 5,000 and $ 100,000. One of the city council members, Susan Gengraf, noted that so far the project can not be considered fully approved.