The Marshall Islands Forge Ahead With Their CBDC Plans

In recent months, there have been numerous debates regarding CBDCs. While most countries will not issue an asset yet, the Marshall Islands are moving ahead with their original plan of action. 

It is interesting to see this small nation explore the CBDC option. 

A Sovereign CBDC is Coming

For the Republic of the Marshall Islands, such a native asset can unlock tremendous potential. 

Its plan for the Marshallese Sovereign dates back to February of 2018, albeit more research was needed.

Today, it appears that this project is still alive and kicking.

It would appear that this currency will be

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issued on Algorand, which is a remarkable decision.

This new digital currency will leverage the Algorand protocol to achieve speed, security, and scalability.

Another key selling point of this CBDC is how it will be regulatory compliant, and enforce those controls on its users.

Interestingly enough, this currency will circulate alongside the US Dollar, which is the official currency in the country. 

It also appears that there will be an inflation of 4% per year, which is somewhat to be expected with centralized currencies.

This experiment in the Marshall islands will paint an interesting future for CBDCs.

After all, many countries expect to create new sovereign currencies, despite there being no evidence of their usefulness.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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