Marshall Islands to issue national cryptocurrency

Marshall Islands which serve as an offshore for many various business people of the world are planning to issue the national cryptocurrency, if the reports in the media are being correct.

The entity behind this decision is the local parliament. The majority of votes in it was the key factor that made the Republic of the Marshall Islands start to develop plans of the national initial coin offering and digital currency. Reportedly, this new Sovereign coin will be accepted as a legal means of payment within the state borders.

The financial reputation of Marshall Islands is much better than that of Venezuela. As a result, the public reception of this news is not even remotely similar to the one that observers could witness after the launch of Petro, the national cryptocurrency or token of Venezuela allegedly backed by oil.

And by the way, Sovereign will not be connected to physical assets. Another factor which greatly improves chances for the success of this coin is that Marshall Islands do not have their own fiat currency - the United States dollar is used instead. This is what made some local politicians state that the country was moving towards financial independence and that the economy would benefit from this.