Definition ∞ The method by which local and state governments raise capital for public projects through the issuance of municipal bonds. These debt instruments are used to fund infrastructure, schools, and other public services. Digital asset technologies are beginning to be explored for modernizing bond issuance and settlement.
Context ∞ The application of blockchain technology to municipal bond finance is an area of growing interest for its potential to increase transparency and reduce issuance costs. Regulatory frameworks must adapt to support the issuance of tokenized municipal bonds, ensuring investor protection and market integrity.
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