RMI invest in Crypto-currency (Bitcoin)

The Marshall Islands, a sovereign nation in the south Pacific, has enacted a law that mandates the world’s first sovereign, legal tender cryptocurrency, according to a statement released on Monday. The ‘Sovereign’ (SOV) will be circulated alongside the USD. Members of parliament voted 20-8 to proceed with the plan.

The SOV will be distributed to the public through an initial coin offering (ICO). “The RMI will invest the revenues to support its climate change efforts, green energy, healthcare for those still affected by the US nuclear tests, and education. In addition, SOV units will be directly distributed to citizens,” said Hilda C. Heine, President of the Marshall Islands (RMI), in a statement.
http://www.the-blockchain.com/2018/02/28/marshall-islands-issues-cryptocurrency/
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Comments

  • This plan or law enacted by the Hilda administration plan to give Bitcoins to every RMI citizens in the total amount of 500 to 700 Bitcoins or $5,000-$7,000 in dollars.
  • Hang on to your wallets, folks. Look what happened in Venezuela.

    Reports: Venezuelan ‘Petro’ Cryptocurrency Fails to Raise Any Money

    Venezuela has failed to provide evidence that its new national cryptocurrency, launched by Nicolás Maduro’s socialist regime, has raised any money at all, cryptoanalysts have claimed.
    Last week, Maduro claimed to have raised $735 million for its “petro” pre-sale, a cryptocurrency supposedly backed by the country’s considerable oil reserves.

    “Today, a cryptocurrency is being born that can take on Superman,” Maduro declared.

    Venezuelan crypto analyst Alejandro Machado details how despite claiming to have raised such a figure, the petro wallets do not actually allow people to buy the currency:

    As of today, the official website allows you to register — if you’re patient enough to endure a myriad of errors — maybe you’ll get a confirmation email hours later, which you’ll have to click before the timeout expires and only then you can tell the government how much you’re willing to donate to their cause of ruining Venezuela. And when you click the button to buy, nothing will happen.

    You can register with a fake name and passport and say you’re going to buy a gazillion PTR. That’s what was launched. There’s no way to actually buy the damn thing or set up a petro wallet.

    http://www.breitbart.com/national-security/2018/02/28/reports-venezuelan-petro-cryptocurrency-fails-raise-money/
  • Breitbart? Ain't that the guys who pushed the birther conspiracy? Which claimed Obama was born in Kenya and not in Hawaii?

    Media Suppress Obama 'Born in Kenya' Bio
    Never mind that the agency used the “born in Kenya” biography until 2007. Never mind that authors who have worked with the agency state that the agency asks that authors pen their own biographies. Never mind that Obama has routinely padded his biographical details to appeal to particular audiences.
    http://www.breitbart.com/big-journalism/2012/05/18/media-refuses-coverage-obama-kenya-lit-agency/
  • Crypto-currency is the future. Once gold dust was used as money, then it was replaced by silver coins, then it was replaced by paper money. Now it's Crypto-currency.

    Crypto-currency is a route to self reliance and Independence from the US. People would make us think otherwise because they still want to keep the status quo. And the status quo is still shackled to the US.
  • Bitcoin significantly dropped from 18k+ to 10k+ since December. If investments were made years ago people would be millionaires. There are those that actually did. Investment moguls(some) say that its going to shoot up again in the near future. Volatile market and people need to be alert and trading constantly in real time. Good for the bold and those who have been in the market for some time.
  • The RMI is not adopting or investing in Bitcoin. It is creating its own cyber-currency...like Venezuela has done.
  • edited March 1
    That in itself is a investment. A Investment towards self reliance.

    Hilda C. Heine, President of the Marshall Islands (RMI), commented on the launch: “This is a historic moment for our people, finally issuing and using our own currency, alongside the USD. It is another step of manifesting our national liberty.”

    The country will also be allowing global investors to participate in an SOV ICO as well, though only residents of the Marshall Islands will receive a free allocation of the currency.

    “The Marshall Islands is the first nation to adopt a transparent crypto monetary system, and we are proud of it. We are making our economy more resilient and payments more transparent,” reiterated the RMI’s Minister David Paul, Minister in Assistance to the President.
    https://www.financemagnates.com/cryptocurrency/news/cryptocurrencynewsmarshall-islands-launches-sovereign-worlds-first-crypto-tender/
  • Israeli startup to lead Marshall Islands cryptocurrency ICO

    Israeli fintech startup Neema is working with the Marshall Islands in order to issue one of the world's first legal cryptocurrency tenders - the SOV. The cryptocurrency's legal status has been approved by the country’s parliament.

    David Paul, minister-in-assistance to the president of the Marshall Islands said “The Marshall Islands is the first nation to adopt a transparent crypto monetary system, and we are proud of it. We are making our economy more resilient and payments more transparent."

    Tel Aviv-based Neema is the company that was chosen to lead the SOV issuance. The Israeli company specializes in financial inclusion solutions via the blockchain and is backed by Y Combinator.

    Neema CEO Barak Ben-Ezer said, "SOV will mark a new era for cryptocurrency, which most of us in the crypto community, want to legitimize. SOV is about getting rid of the excuses why not to shift to crypto - it’s real money, and it provides the golden path between an open ledger and total anonymity, it gives users the power to decide when and what to disclose.”

    Working with Neema, the Marshall Islands will start a presale that will allow the country to raise initial prospects prior to the Initial Coin Offering (ICO later this year). The goal of the presale is to allow cryptocurrency holders (the 95% of blockchain enthusiasts, who have nothing to hide), venture capital funds, banks, and other financial authorities to collaborate on building the first crypto based economy as part of their joint vision."

    Neema chief of staff Roye Rahav said, "It’s a dream come true. We’re excited and happy to bring the vision of a disintermediated global monetary system one step forward. And it starts here in the Marshall Islands."

    Rahav is the son of Israeli publicist Rani Rahav, who serves as the Honorary Consul in Israel of the Marshall Islands.

    Last month Venezuela issued the petro, the world's first sovereign cryptocurrency.

    http://www.globes.co.il/en/article-israeli-startup-to-lead-marshall-islands-cryptocurrency-ico-1001225819
  • Whether or not this will be financially beneficial for the RMI remains uncertain, however, what is certain is that Neema will end up banking some serious hard currency (not crypto) on this deal. Great Job!
  • Comparing Marshalls "SOV" and Venezuela "Petro" is like comparing apples to Oranges.

    Earlier in 2018, the Maduro government in Venezuela launched a cryptocurrency dubbed Petro, claiming that it was the world's first sovereign cryptocurrency.

    The SOV statement notes that, contrary to the Petro, the SOV will be legal tender of the country, as defined in a bill passed by the parliament. Furthermore, the RMI is a close ally of the U.S., whereas Venezuela is under embargo.

    SOV will be a decentralized cryptocurrency with a price that is uniquely determined by the market, whereas the Petro, initially pegged to the price of oil, can be manipulated at will by the Venezuelan government.

    The RMI is a tiny island nation, but it is a sovereign nation and a member of the UN. Therefore, if the RMI will eventually deploy a cryptocurrency that is also legal tender, the impact could be huge.
    https://bitcoinmagazine.com/articles/new-sovereign-cryptocurrency-will-be-legal-tender-marshall-islands/
  • From the sounds of this article, I'm under the impression that the RMI is being taken advantage of by snake-oil salesmen.

  • Interesting and commendable for RMI to create their own crypto-currency and enter the market. Smartest move was to link to climate change efforts and green energy. Surely, support and investment at a global level will be a major factor(unfortunately in the absence of Uncle Sam). Although the market for crypto currency is currently a volatile one, RMI looks like they have the upper hand. Imagine being linked to the world's network where we can control our own currency and without limitations (policies) from other developed nations.
    Now is a good chance for the FSM to jump in and also support RMI by investing. One day if FSM plays it's cards right, it can follow suit. As a matter of fact, FSM, Palau, Guam, Marianas should all be major investors and expect the same from each other in the future if and when these other nations decide to also create their own cyrpto currency.
  • There can be no gain without risks. I too have my doubts about this company but what's done is done. Only time will tell if this was a sound investment. This is generating a lot of buzz in Reddit, Twitter, Bitcoin magazines and websites and Facebook and the news media.
  • They're called promoters. Once registered they will bombard your e-mail with stuff like pumps and dumps or predicted stocks to rise info. You still have to do your own research as the promoters are linked to the stocks they are promoting. Its not quite a stable market, so risk does exist. An expert on reading stock market graphs, history, background research..etc needs to be on a constant monitoring of the market. Looking at the situation proves that RMI is serious with its intentions to wisely link their -crypto currencty to the global green efforts. With these good intentions, RMI will surely be supported by Uncle Sam. If everything works out, RMI would be less of a burden for the US.
  • Tirow...tirow...

    While it may seem like the adoption of such Sovereign crypto-currency is RMI's way of being self-reliant, there are many issues that could arise at the coin ICO ( Initial Coin Offering)

    Yes, Neema is the Israeli company backing the ICO and I am sure they will bank millions of dollars in backing this crypto as legal tender in the RMI. My only concern is how the hell Marshallese people will buy and sell their own cryptocurrency if they do not have any understanding of cryptocurrency to begin with. Is it really a sensible investment to be doing? The world of financial technology is run by those who definitely know more about the product they are selling. They obviously pitched this idea to an island country out in the Pacific knowing that they could take advantage of people using a technology that is practically unheard on the islands, would others agree?

    I am sure everyone has heard of Bitcoin but many people do not know the underlying architecture of blockchain technology. Blockchain is to Bitcoin as a processor is to a computer. You can't have a computer without a processor just as you can't have Bitcoin without having a blockchain. I have a feeling the cryptocurrency could be used as a vehicle for money laundering and tax evasion. People from the outside can't easily bypass traditional fraud and laundering alerts when sending money through banks. With Sovereign soon to be launched, corporations and cartels could easily buy into the currency as a sort of safe-haven for their monetary assets that may or may not be gained through ethical practices. Given that a blockchain is presumed to support complete anonymity in transactions, it would be different to know who or what is moving money around.

    I guess we will have to wait and observe what the ramifications of such bold move into the cryptocurrency sphere will have for a Pacific Island who was beguiled into doing so with hopes of being "self-reliant"

    Cheers to a more educated Micronesian community.

    Tirow...tirow...

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  • Since I have "zero" understanding on how this the proposed cryptocurrency will actually make money for RMI people or government, I will wait until I see the good senator and other government officials put up at least $10,000 US dollars of personal investment using their own individual personal or family fund to join. After that, if it were successful, I would be willing to try. Just my thoughts: good intention but highly technical and speculative scheme which might come back to burn RMI's Trust Fund.
  • Alternative option: if RMI wants to have a different currency--as different from the US dollar/currency as allowed under the COFA--it can also have the option of printing its own money in denominations similar to the US dollars. It can be pegged to the US dollar valuation: so the RMI "dala" will be same as US dollar. It can be used in local stores at first. Eventually, it can go international once it is proven stable; and can be exchanged with the US dollars before you depart RMI to the US or other countries. Just some thoughts.
  • Is that the plan here? To plant the seeds needed to transition the entirety of the RMI to cryptocurrency? Is the nation "connected" enough to facilitate an all-digital currency? If they are, I would love to see how it progresses. Totally worth popping an extra bag of popcorn.
  • So, maybe, they have worked it out; that everything will be okay. But I heard that the ADB had asked RMI to hold up the implementation until it has had an opportunity to look into it more; since RMI holds millions of loans from ADB, etc.

    I am nervous for my "friends". A good example of how financial schemes--experts, lenders, investment advisers, etc., have created an extremely difficult situation is the Puerto Rico's public debt. About 70 billion in debt--in addition to 50 billion of pension obligation. This situation, over the years, was caused by mismanagement and overspending; and trying to deal with investment schemes and advisors. They borrowed money, in the millions, and when they did not pay on time--defaulted--it triggered an avalanche of additional penalties in interest, etc.

    Given that the government's budget consist on the most part of the payment for these defaulted loan, there is not much left in the budget for anything else. Thousands of PR people are moving to live in Miami and other places because it is difficult to live in Puerto Rico; and the recent damages from the storm has just made a difficult situation worse.

    My point: investments and investment schemes--can be tricky and difficult. When the even turns south, you can lose everything.

    Are there already mechanism in place--to prevent RMI from losing a big chunk of its Trust Fund under this cryptocurrency scheme? I hope the experts from ADB, IMF, US Treasury and others can help RMI--to ensure that nothing will go wrong with the Trust Fund. I hope and wish that everything will work out for RMI. Just my thoughts.




  • Let's see what happens. Only time will tell if this was a good or bad move.
  • @xectms. Im sure that wouldn't be the plan but may become a reality in the future. Wisest thing to do is to get into the market now with a sensible investment and let it gradually grow. Maintain substantial amounts in fiat currency just in case it flops.
  • I agree with PawNStaR. image
  • imageWow, Marshallese are so ahead!!
  • Latest news, as of May 18, 2018, has the following title: "Floyd Mayweather-backed cryptocurrency firm's co-founders accused of fraud. I hope it doesn't happen with what is being proposed for RMI.

    It is at the ICO's phase where a lot of schemes, some of which are questionable, can take place as investors and advertisers and bitcoin managers can determine the valuation data for the offering. Many, like me who don't know how to determine real bitcoin's value at the ICO's phase could be influenced by misunderstanding or outright lies for those who want to make the ICO's value higher that they really are--thus, more profits.

    But then, how would I know. I want to invest but I think I will sit this one out at this ICO's phase. I will invest at some point in time after the ICO's valuation has stabilized based on the actual market valuation--not the emotional heat at the ICO's phase. We'll see.

    It's a nice day here in Kolonia, hot and humid but great Friday afternoon, and a lot of ice chest full of chilled Pohnpeian sakau are arriving from the villages; and lining up by the main street for a nice evening for everybody.
  • This is a very poor judgement by the young leaders of the Republic, its insane!
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