The Marshall islands will pass to the crypto-currency

The crypto-currency has only existed for a few years. In spite of many critics, analysts predict a bright future. There are already crypto-currencies backed by gold, as in Australia, or created by States, like the Venezuela of Nicol├ís Maduro. At the same time, the digital currency gradually becomes a medium of payment in full. Today, a new step is taken. In effect, the official currency of the Marshall islands… will be a crypto-currency !

An announcement that the buzz is all about

The Marshall islands have to the form of government a Republic. Their small capital, Majuro, is probably unknown to most of the French… This archipelago brings together a little more than 50 000 inhabitants to approximately 1 200 islands and islets in the Pacific ocean, in Oceania. He is a former State of Micronesia, independent since 1990. From an ecological point of view, it is unfortunately threatened in many of its parts :

But what interests us today is monetary. In effect, the Marshall islands are poised to become the first State of the planet to adopt a crypto-currency as a national currency official. The information was relayed by the International Business Times. It makes a lot of noise in the community cryptophile. This goes further than Venezuela, a country in Latin America where the Petro is embraced simply with a currency that is legal classic.

In fact, the Parliament of the Marshall islands adopted a law in this sense, the 28th February last. The digital currency in question is called ” Sovereign “. This name will be abbreviated to ” SOV ” on the markets. The issue of development should be outsourced to an israeli start-up, Neema. The government of the Marshall islands should therefore shortly issue an ICO.

The search for monetary independence

The Marshall islands were the scene of clashes between Americans and Japanese during the second world war. Since then, they have long remained under the tutelage of the United States (1947 officially, after a landing in 1944). This guardianship becomes a free association in 1986, in accordance with the agreements of 1979. The independence is obtained only in 1990. Since then, this State of the pacific has retained the use of the u.s. dollar. The reason is found in his main source of income, i.e. the nuclear tests american performed in that territory :

But the Marshall islands wish to complete their independence by creating their own currency. By the time that run, they have thought it appropriate to capitalize on the crypto-currency. This precedent will take place while the SEC in the United States and the ECB in Europe are sceptical about the crypto-currency. The latter could, thanks to this new initiative, entering a new era of their existence.

Source : ZD Net