Marshall officials explain why Marshall Islands plans to release its own cryptocurrency

On September 4th, Marshall Islands Assistant President and Environment Minister David Paul issued a message explaining why the Marshall Islands wanted to release its own cryptocurrency. He said that since the Republic of the Marshall Islands became an independent democracy in 1979, it has been using the US dollar as its currency. Marshall is advancing plans to use the blockchain technology to issue sovereign currency in digital form. When Marshall chose to issue currency, he made three key decisions. First, the currency will be based on blockchain technology, which is crucial for the Marshall Islands. Second, the growth in money supply will be predetermined and tamper-proof. Last but not least, this compliance will be incorporated into the currency agreement itself while maintaining personal privacy. He said that with the blockchain-based digital currency, Marshall can automate most of the compliance burden and play an active role in the international arena. The blockchain gives Marshall an opportunity to ultimately gain currency independence in a way that reflects Marshall's values.