[Three Proposed Models for Blockchain-Based Japanese Government Bonds] Odaily Planet Daily News: The Japanese Ministry of Finance held the first meeting of the 'Research Committee on Blockchain-Based Government Bonds' today and released explanatory materials, proposing three tentative models for blockchain-based government bonds. Model 1 involves circulating the investment benefits of Money Market Funds (MMFs) for government bonds on the blockchain. Model 2 integrates the transfer ledger into the blockchain under the current transfer settlement system, including three forms: single-account management institutions, multi-institution collaboration, and integration with the Bank of Japan's ledger. Model 3 proposes issuing new types of government bonds on a blockchain outside the current system. The Ministry of Finance believes that blockchain-based government bonds could enhance collateral and liquidity management efficiency while expanding the investor base, particularly benefiting overseas investors. However, challenges such as market fragmentation, the transmission of sharp price fluctuations, and system transformation costs remain. All three models are currently tentative and under review. The Ministry of Finance plans to compile a report by January 2027.