The Marshall Islands has been hellbent on creating its own cryptocurrency for a little over a year now, seeking independence from the United States. Some of the biggest names in the international community have spoken out against the move to launch its own cryptocurrency, including the International Monetary Fund (IMF). However, President Hilda Heine has continued to push forwards with the project and it’s now slated to be launched early in the second half of 2019.
IMF Throwing in Its Opinion
Just after Heine announced her idea to launch a government backed cryptocurrency to replace the US Dollar, the IMF threw its opinion into the ring. It warned that if the Marshall Islands did go ahead and issue its own cryptocurrency to be used in daily life that the United States would withdraw the US Dollar from the country. However, that’s exactly what the country wants – the United States to finally leave the country alone. After using a few of the country’s islands as nuclear testing sites during World War 2, many residents have been left with life changing side effects from the radiation.
Overcoming A Power Struggle
After Heine chose to ignore the IMF, a group of political opponents called for her to be removed from power in a vote of no confidence. In true crypto pioneer style, Heine went on to win in the vote of no confidence by a significant margin – quashing any claims that the country’s politicians aren’t behind her and the project.
Physical Notes Are on the Way
What better way to help a new currency flourish in a country than by issuing physical notes. Heine and her government have enlisted the help of Swiss-based Tangem to create physical Sovereign (SOV) notes. These denominations can then be transferred between merchants, employers, customers and employees just like a $10 bill for example. This is a novel idea that will help the SOV be easy to use, especially with the older generation of the population.
The government is working out the last few kinks with the project to ensure everything runs smoothly. Ranging from wallets, to merchant terminals, everything has to be put in place before the SOV can be launched. The SOV will be launched via an ICO where residents on the island can trade USD for SOV at a great price. Outsiders can also get in on the action, stocking up on SOV before they take a trip to the crypto island.
Move over Malta, the Marshall Islands is the hottest island in crypto right now!