Hilda Heine, President of the Republic of the Marshall Islands (RMI), survived a vote of no confidence a votewhich means that his proposed national cryptocurrency is still on the cards.
Heine's opponents have been unable to find the majority needed to drive Heine out of persistent plans to reduce the country's dependence on the US dollar with a national cryptocurrency called the "sovereign," reports the Nikkei Asian Review. .
The RMI parliament ended the division on whether to send Heine away from 16 to 16 years old. Heine will continue to assume the duties of Head of State.
The decision to vote was made after eight senators accused Heine of ruining the nation's reputation with his idea of a state-backed cryptocurrency.
Immediately following the vote, RMI Finance Minister Brenson Wase would have confirmed the government's intention to launch Sovereign, pending the latter's compliance with the requirements set by US, European and International Monetary Fund regulators. (IMF).
The Sovereign was revealed for the first time at the beginning of the year, when the ministers announced that he would issue a new digital cryptocurrency via the initial offer of coins (ICO), intended to be used as legal tender .
However, last month, the IMF warned Heine to slow down the launch of the Sovereign, on pain of being cut off from the US dollar, which RMI uses to access critical monetary resources to curb the soaring inflation .
So far, there is no indication that Heine has abandoned the idea of a sovereign cryptocurrency, and the vote that survived today could only boost his confidence, that is to say until the IMF gets wind of these results.
Posted on November 12, 2018 – 16:42 UTC