Marshall Islands intend to issue its own national cryptocurrency, which will become a legal payment instrument. Last week, MPs of the Marshall Islands voted in favor of the corresponding plan, Senator Kenneth Chedi said in a telephone conversation. According to him, the Senate has a few more days to oppose, but this is unlikely.
In turn, Assistant to the President of the country David Paul added that the digital coin Sovereign, most likely, will be released this year. According to him, the government will organize the initial coin offering (ICO), after which it will start accepting applications of exchanges for the trade in a new digital asset. It is planned that Sovereign will help strengthen the local budget. “First of all, this will be done to meet the country’s long-term needs,” Paul added.
The state includes more than 1100 islands in the Pacific Ocean, where about 70 thousand people live. According to Paul, part of the funds raised during the ICO will be directed to the development of the health sector, as some residents of the Marshall Islands were affected by the consequences of the US nuclear tests conducted here in the past.