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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.
"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/...
Don't worry, a "serial entrepreneur" has been leading the project.
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.
There are 53,161 citizens of the Republic of the Marshall Islands who will seeded 10% of the money supply at launch
So it looks like they're all getting free money!
and instead of creating their own currency they should adopt a usable global cryptocurrency such as Nano.
There are 53,161 citizens of the Republic of the Marshall Islands who will seeded 10% of the money supply at launch
So is the population *seeding* the supply from their own sovereign funds, or will they *be* seeded 10% of the ICO?
Inquiring minds want to know!
Yes.
#DeleteFacebook
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.
"The largest cryptocurrencies are manipulated by the Whales."
What exactly do you think the central banks and the handful of families who are intimately tied to them are? Printed currency they have to buy in the US but they buy it at printing cost and they create digital funds just by loaning it to other banks at will. Who runs a long established mine, a 5th or better generation miner, so who do you think are the whales of fiat currency? You think the government controls the fed because a presidential appointment that comes with no obligation after the fact... who exactly do you think they can justify appointing?
There are whales in all the markets, in the cryptocurrency markets they just early investors who are trying to slowly liquidate without crashing the markets. You know what things are like when they are done? Smaller whales.
The 50,000 people that live there might think you are an idiot.
Slashdot still doesnâ(TM)t support Unicode after it was added to the HTML standard in 1997.
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**
"The bag" is a fully functional interest in a completely legitimate and counterfeit proof resistant system of digital currency. The whales identified that system and recognized it's potential BEFORE it was obvious so they are entitled to their rewards. Legitimate investors will do just fine since they will simply coast over short term dips.
As for people investing on the speculative markets chasing gold instead of believing in the technology... who cares? These are the same market abusers who disrupt all the markets.
If they find hidden Nazi gold to finance the crypto-currency, then this is officially the sub-plot of a Neal Stephenson book.
This sounds like some Vitto Corleone shit being delivered by Hagen (and enforced by Luca Brassi.)