- Sports News : New Tongan administrators apply for rugby league membership [03/07/2020 - Tonga]
- Sports News : England coach Eddie Jones plans stunning raid for 'next All Blacks sensation' Hoskins Sotutu [03/07/2020 - United Kingdom]
- Business News : Niue completes ratification of PACER Plus agreement [03/07/2020 - Niue]
- Business News : Travel Bubble trouble – the options for Palau [03/07/2020 - Palau]
- Business News : World Bank strengthens partnership with the Federated States of Micronesia [03/07/2020 - Micronesia, Federated States of]
- Business News : Niue national budget address will be announced on Wednesday 08 July [03/07/2020 - Niue]
- Business News : Vanuatu exports - COVID-19 and extreme weather worry experts [03/07/2020 - Vanuatu]
- Business News : COVID-19 creates tough times for Kiribati’s world class tuna industry [03/07/2020 - Kiribati]
- News : Tonga opens border starting next week to repatriate stranded nationals in Fiji [03/07/2020 - Tonga]
- News : Palau’s envoy, Ngedikes Olai Uludong elected VP of UNGA [03/07/2020 - United States]
- News : Pacific Humanitarian Pathway unlocking borders to save lives during COVID-19 [03/07/2020 - Fiji]
- News : An estimate of USD$22 million for Pacific Humanitarian Pathway-COVID-19 [03/07/2020 - Fiji]
- Sponsored : Oceania National Olympic Committees (ONOC)
The Marshall Islands has set up a private fund for its planned national cryptocurrency.
The country is developing the legal tender currency Sovereign (SOV) to serve alongside the US dollar there.
Last week, the government unveiled the SOV development fund which will hold 30 percent of the currency's initial supply.
David Paul, the Minister-in-Assistance to the President, said the fund would be independent.
“We are designing SOV in a way that is not putting any burden on the government's finances. The currency funds itself. The development is paid in SOVs, the long-term maintenance of the network is also paid in SOVs,” he told a blockchain summit in New York last week in a pre-recorded video.
In September, the International Monetary Fund said the Marshall Islands should "seriously reconsider" SOV because of economic risks.
The development fund will be governed by a board of seven directors, two nominated by the Marshall Islands government and two by SFB technologies, the company contracted to develop SOV infrastructure.
SOURCE: RNZ PACIFIC/PACNEWS
Pacific Islands News Association
Who & What is PINA?
International News Safety Institute (INSI)
Media Helping Media