The Pacific state of the Marshall Islands plans to issue its own cryptocurrency, which will be the official legal tender of the Republic.
Last week members of Parliament voted for the promotion of this initiative, said Senator Kenneth kedI. According to him, the Senate still has a few days to speak out against, but this is unlikely.
Assistant to the President David Paul said that a digital coin Sovereign will be released this year. According to him, the government organizes pre-placement of tokens (ICO), after which the exchanges will be permitted to apply for trade. This step is seen as a way to strengthen the Republic’s budget, he said.
«The initiative to create their own cryptocurrency is designed to meet long-term needs of the country,» said Paul.
In the Marshall Islands – more than 1,100 Islands and islets in the Pacific ocean – home to about 70 thousand people.
«Part raised during the ICO will be used to provide medical aid to local residents affected by nuclear tests the US conducted in this area several decades ago,» said Paul.