Marshall Islands set to release its national cryptocurrency
The Republic of Marshall Islands (RMI) became yet another country to turn to crypto in order to solve its economic issues.
According to President Hilda Heine, the country is on its path to launch its own national cryptocurrency. For Marshall Islands, the primary goal to turn to crypto is to pursue independence from the U.S. dollar, and put themselves on the greater monetary map.
Heine’s desire to move forward with the national cryptocurrency got her almost thrown out off the throne, with the parliament considering to remove her from office. However, due to the final votes ending in equal numbers – 16 for and 16 against – she’s set to continue with her role as the country’s head of state. After the vote took place, RMI’s finance minister Brenson Wase has confirmed that the Marshall Islands are set with the cryptocurrency release as long as it meets regulatory requirements of Europe, the United States, and the International Monetary Fund (IMF).
Marshall Islands’ national cryptocurrency, sovereign, was in the works since early 2018. It was originally announced that it would be launched through an ICO. However, the idea was not met by the IMF lightly. In fact, Heine and her staff got an official warning to be cut off from the U.S. dollar completely if they didn’t drop the plans to release their own crypto. To Heine’s credit, it didn’t happen. In fact, after she’s back on the throne, sovereign will move forward even faster, experts say.