The Marshall Islands made its own cryptocurrency, doing away with the US dollar. The government has signed the change into law, making the “sovereign” its new official cryptocurrency, as spotted by CNBC Africa cryptocurrency trader host Ran Neuner on Twitter yesterday.
The bill was signed into effect on March 1st, but the news is making waves again this week. The Marshall Islands’ population is 53,066, so the change doesn’t affect many, but it is significant for citizens of the islands because banks and credit card companies will need to begin accepting it. With the recent change, US dollars are still likely to be accepted on the Marshall Islands — the sovereign will just be considered the nation’s official legal tender.
In February, top officials from the Marshall Islands confirmed that the Pacific republic would issue its own cryptocurrency to be circulated as legal tender. The digital coin also received approval from the country’s parliament. “As a country, we reserve the right to issue a currency in whatever form it is, whether in digital or fiat form,” said David Paul, minister-in-assistance to the president of the Marshall Islands, to Reuters at the time.
I wish that this would put to bed the fake news, conspiracy theories, and “nothing backs it” nonsense. Unfortunately, seismic shifts in architecture or process take time for society to understand and accept. Early adopters will be the fortunate buckos. Timid or clueless denizens will complain bitterly about the unfair advantage of those who wise up before it hits a 6 figure exchange rate. Eventually, comparisons with legacy currencies will be utterly meaningless. It will become the currency. It will be the gold-pressed latinum of universal recognition and intrinsic value.
