RATE Group | Marshall Islands President Faces No Confidence Vote amid Plans for a National Cryptocurr…
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Marshall Islands President Faces No Confidence Vote amid Plans for a National Cryptocurr…

07 Nov Marshall Islands President Faces No Confidence Vote amid Plans for a National Cryptocurr…

Posted at 01:21h in Cryptocurrency News by

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Marshall Islands President Hilda Heine is under fire and is facing a vote of no confidence amid a bold plan led by her administration to introduce a national cryptocurrency dubbed the Sovereign (SOV).

The vote will reportedly occur next week after a group of eight senators including Senator Casten Nemra introduced the motion on Monday with 50 sitting days remaining in this year’s parliamentary session. The Republic of the Marshall Islands, which is located about halfway between Hawaii and Australia, set the wheels in motion earlier this year for its own digital currency as a legal tender to compete with the U.S. dollar.

The launch of a national digital currency was meant to be historic for the independent Pacific island, as they planned to use the proceeds from the issuance of 24 million SOV tokens in an ICO to bolster the economy. They even engaged Israeli startup Neema to help develop the SOV and run the token sale, a partnership that is…

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