Cryptocurrency appears to be the chosen route of Nishiawakura, a small Japanese village of 1,500 people, in its quest for economic gains.
The village, which is 95 percent forest area relying on forestry for its economy, has jumped into the ICO bandwagon and disclosed its intent to put up an initial coin offering as a fundraising initiative, the local leadership announced.
While no definite date has yet been determined as to when the Nishiawakura’s Token Economy Association will roll out the village’s coin — Nishiawakura Coin (NAC), the village’s “website” carries some information about the project.
The village’s decision to launch their own crowdfunding seemed to have been influenced by the worldwide ICO trend observed by its local leaders. It is also notable that the Japanese regulatory authorities have not raised any issue regarding ICO-based fundraising intiatives.
Japan, probably the biggest and the most important crypto hub in Asia, has been a busy place regarding crypto-related developments in the recent months. It was observed, however, that the government had to enforce extreme measures clamping down on crypto mining and even arresting hackers.
The village, in its announcement, stood by a Japanese researcher and cryptocurrency author, Yoichi Ochiai, who speaks of Japan’s future local governments embracing decentralization and provide important support for ICO’s.