Different countries, for many different reasons are using blockchain technology to improve their tasks. But some other governments are going even forward. The Republic of the Marshall Islands is going to launch its own Initial Coin Offering (ICO) and is planning to release a cryptocurrency, according to Bloomberg.
The parliament of the islands voted in order to proceed with the plan of issuing a cryptocurrency and an ICO. Initial Coin Offerings have raised more than $3.5 billion dollars just in 2017. During this year, ICOs may break another record. ICOs are a way for enterprises, and governments (in some cases) to rise funds to fund a specific project.
The Marshall Islands will create a cryptocurrency known as Sovereign and it would probably be issued this year. During a phone interview with the Minister-in-assistance to the president, David Paul commented that the government will launch an ICO and that exchanges can apply to trade the currency.
The main intention is to bolster the local budget of the islands.
“This was specifically targeted for the long-term needs of the country,” Paul expressed.
One of the most important topics to solve is the health problem that many locals are suffering. The islands were the place of several US nuclear tests in the past. At the moment, there are many individuals that were affected by the radiation and effects of these nuclear tests. This is a situation that requires a lot of money, and the ICO may help fund the national budget.
National Cryptocurrencies Around the World
There are several governments that did launch a cryptocurrency or that are planning to launch one. Among these countries we find the United Kingdom, Russia, Venezuela, Canada, Estonia, and many others.
At CoinStaker we have several times talked about Russia’s Cryptoruble. In October 2017, Nikolay Nikiforov, Russian Minister of Communication and Mass Media, informed that Russian President, Vladimir Putin, has ordered to issue a national cryptocurrency, known as the Cryptoruble.
Venezuela is another of the famous cases of countries being involved with cryptos. Due to the hard situation that the country is living, cryptocurrencies are expanding as a means of payment, even when the government does not allow it for private purposes. As many countries have imposed sanctions to Venezuela, the country is suffering from lack of international financing.
So as to avoid these restrictions, the country has decided to issue a cryptocurrency known as Petro, that is backed by oil. Venezuela has one of the most important oil reserves in the world. By selling this cryptocurrency, the government is able to have some fresh money to keep spending in the “revolution” is undertaking.
Other countries like Estonia or Denmark have expressed their intention to create a national virtual currency. But the European Central Bank (ECB), was clear enough saying that the Eurozonecurrency is the Euro and no other can challenge it.