Marshall Islands: Why the Island Nation Wants To Launch a Cryptocurrency

Feb 28, 2018 | 22:14 GMT

The announcement is noteworthy for a couple of different reasons. First, the Marshall Islands is one of about two dozen countries that use the U.S. dollar exclusively or in coordination with other currencies. Smaller countries heavily dependent on economic relations with a large partner like the United States often find it more appealing or easier to simply forgo their own national currency and adopt the larger country's. Other countries, such as Zimbabwe, have seen confidence in their national currencies collapse under the pressures of hyperinflation, leading toward the adoption of more stable hard currencies, whether officially or just in practice. The development of a domestic cryptocurrency could represent an alternative to those practices. This alone makes the Marshall Islands' foray into the uncharted waters of a sovereign cryptocurrency worth following....

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