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Marshall Islands Warned Against Adopting Digital Currency (bbc.com)
The International Monetary Fund (IMF) is warning the Republic of the Marshall Islands to "seriously reconsider" the idea of adopting a digital currency as a second form of legal tender. As it stands, the U.S. dollar is the only legal tender in the islands. The BBC reports: A law to adopt a digital currency named "Sovereign" alongside the dollar was passed in February. The first virtual coins are due to be issued to members of the public via an initial coin offering (ICO) later this year. However, IMF directors said the potential benefits of the move were much smaller than the potential costs of "economic, reputational and governance risks." "[Marshall Island] authorities should seriously reconsider the issuance of the digital currency as legal tender," wrote the directors in their report, which was first spotted by Coindesk.
There is just one domestic commercial bank in the country and it is at risk of losing its only correspondent banking relationship with another bank in the U.S. That relationship allows the Islands to transfer dollars in and out of the country. It highlighted the Marshall Islands' dependence on foreign aid, and the fact that the country is vulnerable to natural disasters as well as sea level rise linked to climate change. Adopting a digital currency as an official form of legal tender would threaten both financial integrity and the nation's key relationship with the U.S. bank. The result could be disruption to foreign aid, according to the IMF.
There is just one domestic commercial bank in the country and it is at risk of losing its only correspondent banking relationship with another bank in the U.S. That relationship allows the Islands to transfer dollars in and out of the country. It highlighted the Marshall Islands' dependence on foreign aid, and the fact that the country is vulnerable to natural disasters as well as sea level rise linked to climate change. Adopting a digital currency as an official form of legal tender would threaten both financial integrity and the nation's key relationship with the U.S. bank. The result could be disruption to foreign aid, according to the IMF.
If their economy tanks because of their stupid decisions, don't expect the rest of the world to bail them out!!!
"It'd be a shame if anything happened to your island."
you control the country..... Bankers don't like the idea of a gov't managed currency... https://en.wikipedia.org/wiki/...
how would I acquire this currency? Do I have to exchange dollars for it, or do I just get some for being there?
Since the Marshall Islands obviously don't like being under the thumb of corporate-owned America, perhaps they should consider another option. No doubt China would love to see the yuan adopted by the Marshall Islands as its primary form of legal tender.
Being attached so closely to the Chinese would have its own downside, of course, but given the current course of the United States, the choice isn't nearly as clear as it once was.
I've calculated my velocity with such exquisite precision that I have no idea where I am.
and instead of creating their own currency they should adopt a usable global cryptocurrency such as Nano.
The Marshall Islands were destroyed by the USA with nuclear blasts. There isn't much there. So if they would adopt something, it won't have any effect on anything really.
How many IMF officials have intact foreskin?
Many of them live here in Arkansas primary because they know their island will be under water in the next 50 years just like their fancy US bank.
The largest cryptocurrencies are manipulated by the Whales. They control the mining pools. In the case of Proof of Stake, they have (by definition) the staking coins to control a large part of the consensus. I'm not talking about a direct 51% attack, that isn't even necessary.
What I'm talking about is relevant because if what you have is a legal tender currency, exchangeable for USD, you have a vector for all sorts of issues. I assume (I probably could find out) this PoS or dPoS, and that there will be a small number of parties forming a controlling bloc.
People on here assume that financial institutions are threatened by crypto currencies. Let's see: Total capitalization of the whole market is under $200B right now and sinking fast. No, that doesn't seem to be the (only) explanation.
If you a wondering where, who and what, here's info about the Marshall Islands.
They have a population of about 53K people, so if it all goes wrong, it's not going to be a huge crisis for the world.
Besides, they have very real health problems that they should focus on:
A 2007–2008 study revealed that the rate of type 2 diabetes is among the highest in the world; 28% over the age of 15; 50% over 35. Approximately 75% of women, and 50% of men are overweight or obese. This is mostly due to the adoption of an unhealthy diet and lack of exercise. About 50% of all surgeries performed on the island are amputations due to complications from diabetes. There are no facilities for renal dialysis.[39]
On the other hand, if you are a "chubby chaser" or you are into "nub love" then I think you just found your paradise. ;)
Anons need not reply. Questions end with a question mark.
...time to restart testing, ya know. Vaporize another island. We've been needing to get some fresh warhead data....
Both Iraq and Libya tried to decouple from the US Dollar and look what happened to them.
There's a certain very very old stereotype about these news.
I'm amazed that there are people who dislike crypto currencies enough to threaten another nation like this. What is wrong with people.
IMF was created to do bailouts. If economies dont collapse IMF officials are out of a job. World Bank was created to give uneconomic loans to economies which were not sufficiently subservient to US corporate interests. Once those loans create a debt crisis, IMFs job is to come in and do a bailout and seize control of the countries economic policy and modify it to be friendly to US corporate interests.
After WW2 US had 2 choices on how to rule a worldwide empire
1) Absorb all conquered territories as US states, give people a vote and equal rights as Americans
2) Do not absorb anyone, instead impose the Bretton Woods system so that the US gets all the economic benefits of having a worldwide colonial empire without having to deal with the costs.
Guess what the US chose?
**Life is too short to be serious**
is only sent to countries with oil.
**Life is too short to be serious**
If they find hidden Nazi gold to finance the crypto-currency, then this is officially the sub-plot of a Neal Stephenson book.
/. has been smoking the bitcoin crack for years now.
NEVER TRUST A JUNKIE.
Venezuela did it alllll to themselves. How does that Saudi cock jammed in your mouth taste? Tastes like freedom you say? Ahahaha.. SO GAY
This sounds like some Vitto Corleone shit being delivered by Hagen (and enforced by Luca Brassi.)