National Cryptocurrencies On the Rise: Marshall Islands About to Create One

The Marshall Islands announced the launch of its own cryptocurrency Sovereing, its own cryptomoney that will function as a legal tender, an economic measure that could end dependence on the US dollar as the official currency of the oceanic nation.

According to an interview conducted by Bloomberg with Kenneth Kedi, President of the Marshallese Parliament, Sovereing was announced after the governing body voted to approve the cryptocurrency as an alternative legal payment.

Following Kedi’s announcement, the Minister in Assistance to Marshall Islands President David Paul stated that there is a possibility that the government will make an Initial Coin Offering for coins and launch it during 2018. The Minister for the Environment supported these statements.

Paul also mentioned an openness towards digital exchanges, as Sovereing has been suggested to encourage the use of local currency.

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It is necessary to take into account that this country, located in the oceanic micronesias, is made up of 29 atolls and 5 major islands that occupy 181 km²; territorial structure that limits the economic activity of the country. The country’s economy depends mainly on the $3.5 billion in financing that enters the country as economic contributions from the United States, agreed in the Free Association Agreement.

The national government’s intentions to promote cryptomoney could be implemented quickly. However, Kedi also stressed that this resolution is still at a stage where it is possible to challenge the decision. Despite this, the parliamentarian described the possibility of objection as an “improbable” measure.

GOVERNMENT CRYPTOCURRENCIES

Although so far little is known about the details of marshal’s cryptomoney, it should be noted that this announcement is in addition to other governments that have decided to launch their own cryptocurrencies. They include the Russian cryptoruble and the Venezuelan Petro project, which already announced its second cryptocurrency backed by natural reserves.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

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