🌴 IMF warns Marshall Islands in push to adopt digital currency
The International Monetary Fund (IMF) issued a warning to the Republic of the Marshall Islands regarding the risk of adopting a digital currency as a second legal tender. In February, the small nation announced plans to distribute a new cryptocurrency, called the Sovereign, through an ICO. In the warning, the IMF outlined concerns around risks to the countries financial integrity and existing bank relationships if they move forward with the plan before providing policy frameworks in regards to economic, reputational, anti money laundering, and governance issues. Currently, the U.S. dollar is the only legal tender in the Marshall Islands, which relies heavily on U.S. grants.
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