- News : Victory [20/09/2019 - Fiji]
- News : Kiribati switches recognition to China, Taiwan loses second Pacific ally in a week [20/09/2019 - Taiwan]
- Business News : ADB chief resigns mid-term [19/09/2019 - Philippines]
- News : ACP SG calls climate change "the most significant challenge to achieving sustainable development" at UN Meeting on on Climate Action and Trade [19/09/2019 - Switzerland]
- Business News : Commonwealth helps developing countries bank millions for climate action [19/09/2019 - United Kingdom]
- News : Kiribati Opposition claims government server diplomatic ties with Taiwan in favour of China [19/09/2019 - Kiribati]
- News : Australia says it respects Solomon Islands decision to switch to China [19/09/2019 - Solomon Islands]
- News : Vanuatu Speaker's case adjourned [19/09/2019 - Vanuatu]
- News : Solomon Islands CSOs: rush to switch arrogant, undemocratic [19/09/2019 - Solomon Islands]
- Sports News : Rugby World Cup highlights 'climate injustice' [19/09/2019 - Japan]
- Sports News : Fying Fijians captain Waqaniburotu confident with side to face the Wallabies [19/09/2019 - Japan]
- Sports News : Radradra in shock Fiji switch as Cheika explains 'Pooper' return [19/09/2019 - Japan]
- 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