President Heine of Marshall Islands Faces Vote of No Confidence After Plans to Introduce State-backed Crypto
After receiving criticism for her state-backed cryptocurrency plans, the president of the Marshall Islands, Hilda Heine has had a motion of no confidence brought against her.
The leader of the Republic of the Marshall Islands (RMI), Hilda Heine, definitely wants to be a trailblazer. Not only is she the first female president in the Pacific Islands, but she is also actively encouraging the adoption of virtual currencies in her country.
Icy Reception from the IMF
Live Bitcoin News reported on how the RMI had already passed a law to allow for the development of its state-backed digital currency, the Sovereign (SOV). The plan is to have the SOV be an alternative medium of exchange to the U.S. dollar. According to The Guardian, at the time of the passing of legislation, Heine stated that her country should “advance into the future”. In order to achieve this goal, Heine planned to collaborate with Neema, an Israeli-based remittance company.
However, the president faced strong…
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