The Republic of Marshall Island continues with its crypto project despite the stance of IMF, and the United States treasury against the project. The project is purported to aid achieving national liberty according to president Hilda C. Heine.
Marshall Island National Crypto Project
The national crypto project of the Republic of Marshall island RIM has seen progress in recent time despite the stance of IMF and US treasury against it. The country has been working with the experts involved in devising blockchain policies for Malta for its crypto project.
The economy of RMI is at the moment largely managed by the US Treasury, and also utilises the USD as the state currency. The crypto project which will be tagged sovereign (SOV) is expected to be in circulation along with the USD, but it is aimed at granting independence to the island. President Hilda C. Heine stated that it is ‘another step of manifesting our national liberty.’
The national cryptocurrency project has come under the scrutiny of the international monetary funds IMF and the united states treasury in recent time. In a press release of IMF in September, the organisation highlighted the economic risk inherent in the introduction of a parallel currency. Also, the IMF has been very cautious in supporting the introduction of crypto to compete with the traditional financial bank. There is also a reservation on the capacity of countries to regulate the industry.
Meanwhile, the United States Treasury has been supportive of the stance of the IMF. Though the country has a vested interest in keeping Marshallese banks dependent on its regulatory oversight
Regardless of the stance of the US Treasury and the IMF, the country is already on the path of achieving its goal of launching its national cryptocurrency SOV.
The country’s existence is some sort of a legal situation, as it exists as an independent territory for the past 40 years and remains tied to the united states economically.
Adoption Of National Cryptocurrency
The step taken by RMI to launch SOV for economic independence as expressed by the president has been the major factor driving countries to adopt the national crypto project.
Nicholas Maduro cited a similar stance for launching petro in Venezuela last year, even though it has been characterised as a failure. Also, Iran has adopted its national crypto for a similar reason for fighting economic sanctions from the United States.