The Pacific island state of Marshall Islands has been planning this for some time, the issue of a own crypto-currency. In the last few weeks, this small country attracted the wrath of the International monetary Fund (IMF). The Marshall Islands let that not get to you and want to hold on to their projects.
Already in March of this year, the Marshall Islands prepared for the introduction of a private crypto-currency. With the “Sovereign” to not only name their own independence. The crypto-currency should also serve to emancipate themselves from the US Dollar.
So far, the American currency is, also in the Marshall Islands official means of payment. An impact on the monetary policy of the United States, the small country, however, has not. The own crypto-currency, would therefore, in their own country currency, which depended on external factors.
The IMF, do not like this idea at all
Last week, the International monetary Fund intervened, however, in the planning of the Pacific state. The IMF warned the little Land in front of it, a crypto-currency as a second legal tender. The monetary Fund argued that this step will have a negative impact on the financial integrity of the country and the foreign trade relations.
The Marshall Islands, the interference of the IMF, however, is not deterred. So you want to stick to the plans, the Sovereign.
“The output of the first digital means of payment, SOV, is to integrate the Republic of the Marshall Islands and their inhabitants in the digital economy. So it is inhabitants possible to transfer funds safely and without delay, and to receive, without the need for correspondent banks, are required. In the past, you threatened us with, the supply of small Pacific island States like the Marshall Islands. Your own crypto-currency can help the country to a sharp and imminent decline in external aid to compensate for“,
David Paul, assistant to the President Hilda Heine. The ICO is aiming for 2019, more accurate data, the government of the island state made.