05 September, 2019
The Marshall Islands, a republic in the Pacific Ocean, is launching a national digital currency on the blockchain striving to become independent financially.
Last year, local authorities adopted a bill on sovereign currency, which suggests the creation and launch of republic's own monetary unit, which will help get rid of dependence on monetary policy, taking into account the internal values of the state.
"For us, a country of just over 50,000 people spread across more than 1,000 Pacific islands, centralized solutions aren’t just inefficient: they’re completely unworkable," explained Marshall Islands Presidential Aide David Paul.
Another important advantage of the blockchain is the possibility of developing legal standards at the protocol level while maintaining the privacy of private individuals.
According to Paul, it is planned to limit currency emissions and set maximum inflation at 4%, which will help the new money of the Marshall Islands be more stable and independent from the authorities, as is happening now with fiat currencies.