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The authorities of a small village in Japan announced an ICO in order to raise funds to protect the economic stability of the region. This will be the first Japanese ICO arranged with the support of the municipality.

Nishiwakur settlement of the Okayama prefecture is located in the south of Honshu. It is known for its rural landscape, feudal castles and art galleries. 95% of the area of Nisiwakur (57.93 km2) is covered with forests, and the population of the village itself is only 1454 people. In the early 2000s, when municipalities across the country consolidated, the administration of the settlement refused to merge with the city of Mimasaka, wishing to maintain economic independence and is now seeking funds to support it.

Tokens of the village will be called Nishiawakura Coin (NAC) and will be distributed by the Special Association of the Token-economy of the Nishiwakura village. NAC coins will give their holders the right to vote in elections, enabling them to participate in making important decisions for the village related to local government.

Currently, there are no laws regulating the process of raising funds through the ICO, but the Japan Financial Services Agency (FSA) is working on the subject. The municipal ICO can be a good “testing ground” for the new laws of the ICO market.

On June 18 Japan imposed a ban on anonymous cryptocurrencies – Monero (XMR), Dash (DASH), Augur (REP) and ZCash (ZEC).