- Sports News : Pacific Nations face tough task at Rugby World Cup [16/09/2019 - Japan]
- News : 10 MPs will vote on Thursday to oust the caretaker government in Tuvalu [16/09/2019 - Tuvalu]
- Business News : Fiji Airways CEO warns Qantas' "aggressive" move into Fiji will damage local economy [16/09/2019 - Fiji]
- Business News : ADB, Tonga sign grant agreement to develop renewable energy [16/09/2019 - Philippines]
- Business News : ADB, Tonga sign agreement for ongoing urban project [16/09/2019 - Philippines]
- News : Fiji PM not afraid to speak his mind [16/09/2019 - Australia]
- News : Government makes preparations to deport Taiwan’s Ambassador to Solomon Islands [16/09/2019 - Solomon Islands]
- News Feature : In visit to hurricane-ravaged Bahamas, UN chief calls for greater action to address climate change [15/09/2019 - Bahamas]
- News Feature : Engaging Pacific Men to Prevent Violence Against Women and Girls [15/09/2019 - Fiji]
- Business News : PM Bainimarama urges Fijian diaspora in Sydnet to invest in Fiji [15/09/2019 - Australia]
- Business News : Big vessels ‘steal’ fish from Cook Islands [15/09/2019 - Cook Islands]
- News : ACP Secretariat mobilises $12-billion in resources for members [15/09/2019 - Samoa]
- 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