On Tuesday, May 01, the City Council of Berkeley, Calif. Voted to become the first municipality to use blockchain technology to raise funds for community projects through the release of "Micro Bond" unanimously.
They are allowing the city to sell some unknown amount of municipal bonds on blockchain platform. The City Council has initially asked the city's manager to weigh the merits of having a pilot venture. They want to promote community involvement by reducing the minimum bond value.
This Ben Barlett is the Vice President of Berkeley who is leading this initiative. He said no one could buy them. They have not targeted specific requirements for the neighborhood and its communities.
They are large in size and therefore require a minimum investment of $ 5000- $ 10000 for a person. The Barlett says that currently it is the cost incurred by the financial arbitrators to issue bonds for the municipality.
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