RATE Group | Marshall Islands in trouble over cryptocurrency regulation issues
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Marshall Islands in trouble over cryptocurrency regulation issues

11 Sep Marshall Islands in trouble over cryptocurrency regulation issues

Posted at 22:23h in Cryptocurrency News by

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Venezuela already introduced its very own state-backed cryptocurrency, called the Petro in an attempt to save the drowning economy and help people.

The idea of a cryptocurrency becoming an official currency in any country still seems out there, as most countries do not have regulatory power over digital money.

The Marshall Islands consists of more than 1,000 small islands in the Pacific Ocean. It was considering introducing a state-backed cryptocurrency.

However, the International Monetary Fund advises the Republic to not introduce a cryptocurrency of its own. The adopted law in February of this year stated that there will be a state-backed crypto in the Marshall Islands called Sovereign.

The problem is that while the ICO is scheduled to take place some time this year, the IMF is strongly “advising” Marshall Islands not to proceed further. The major reason for that is the relationship that the commercial bank in the Islands has with one US bank. Tokens are very liquid, not very…

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