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Author Topic: Marshall Island will be using crypto as its legal tender  (Read 103 times)
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March 06, 2018, 06:26:23 PM
 #21



This can be opening the same path of opportunity for other small island countries to also introduce their own national cryptocurrencies which can partly replace their traditional fiat money in circulation. All I am wishing is that they will integrate their government-backed cryptocurrency to Bitcoin and other coins already in the market. The success here in Marshall Island can be a model for other nations to follow. Good luck to them!
Its a good decision made by Marshall island but talking about integration with decentralized crypto just like bitcoin and into other altcoins then it is somehow an impossible thing to be considered.They do rather create their own centralized currency but on a centralized characteristic which isn't really surprising though for them to made.There might be some considerations on some rules but not totally basing on how to cryptos do work.

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March 08, 2018, 08:44:18 PM
 #22

They've made up a good decision. This will definitey be beneficial for increasing the level of crypto popularity.

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March 08, 2018, 09:30:13 PM
 #23

Government of Marshall island is now gearing up for crypto currency as its legal tender. Currently using US Dollar as its main currency , it will be shifting to use cryptos and later this year will have an ICO for its national currency.

A country with 53k population won't be able to help  the crypto community in any major way. But it will just increase the number of countries where Cryptocurrency is legal.

Also to your second point, Marshall Island is planning for a Cryptocurrency backed up by USD as it is the official currency of that country. It is very similar to the Venezuela's petro currency.  So I don't see any major impact coming to crypto market apart from adding one more country to the list.

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March 08, 2018, 11:21:05 PM
 #24

Government of Marshall island is now gearing up for crypto currency as its legal tender. Currently using US Dollar as its main currency , it will be shifting to use cryptos and later this year will have an ICO for its national currency.

A country with 53k population won't be able to help  the crypto community in any major way. But it will just increase the number of countries where Cryptocurrency is legal.

Also to your second point, Marshall Island is planning for a Cryptocurrency backed up by USD as it is the official currency of that country. It is very similar to the Venezuela's petro currency.  So I don't see any major impact coming to crypto market apart from adding one more country to the list.
A small country yet they manage to learn what is Bitcoin. Well, whatever their government is doing i know someone push it to take the next step and another country is being listed again for utilizing Bitcoin. Even if it does not gave any major impact to the cryptomarket yet it is giving another impact to the society to notice what is Bitcoin.

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March 09, 2018, 04:23:29 AM
 #25

Government of Marshall island is now gearing up for crypto currency as its legal tender. Currently using US Dollar as its main currency , it will be shifting to use cryptos and later this year will have an ICO for its national currency.

A country with 53k population won't be able to help  the crypto community in any major way. But it will just increase the number of countries where Cryptocurrency is legal.


Even though its a small population I still believe that it can affect the cryptomarket, small things will matter for a bigger tomorrow. I know many small countries will follow this until bigger countries do the same things, its a matter of time and cryptocurrency will become more powerful in the future.

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March 10, 2018, 05:15:46 PM
 #26

Government of Marshall island is now gearing up for crypto currency as its legal tender. Currently using US Dollar as its main currency , it will be shifting to use cryptos and later this year will have an ICO for its national currency.

A country with 53k population won't be able to help  the crypto community in any major way. But it will just increase the number of countries where Cryptocurrency is legal.


Even though its a small population I still believe that it can affect the cryptomarket, small things will matter for a bigger tomorrow. I know many small countries will follow this until bigger countries do the same things, its a matter of time and cryptocurrency will become more powerful in the future.
Things will really follow if they have found out that it become successful just like bitcoin where in it is now all over the world and just started in one country, and look how big the demand for cryptocurrency now, it is not only in a small town but all over the world.

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March 10, 2018, 05:37:26 PM
 #27

Government of Marshall island is now gearing up for crypto currency as its legal tender. Currently using US Dollar as its main currency , it will be shifting to use cryptos and later this year will have an ICO for its national currency.

A country with 53k population won't be able to help  the crypto community in any major way. But it will just increase the number of countries where Cryptocurrency is legal.


Even though its a small population I still believe that it can affect the cryptomarket, small things will matter for a bigger tomorrow. I know many small countries will follow this until bigger countries do the same things, its a matter of time and cryptocurrency will become more powerful in the future.
What do you mean by the definition of cryptocurrency? It seems to me that most people think that all e-money is cryptocurrency. That's not so. The main feature of cryptocurrencies is decentralization and the possibility of mining by all people. How can the state manage the economy in such conditions? No, I think OP was referring to the creation of their own electronic money. But that's different.


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March 10, 2018, 08:11:25 PM
 #28

The main feature of cryptocurrencies is decentralization and the possibility of mining by all people.

That's not the main feature. Ripple perfectly demonstrated that it can be deployed and used in a centralized manner as well. It has for that exact reason (i.e. due to being centralized) managed to attract a wide field of interest from major financial institutions and services. At the end of the day, it's just that our personal preference goes towards decentralized crypto currencies, and that's obviously rightfully justified. Main point of importance is that any entity can for itself make the choice to use or to ignore a certain initiative/proposal, and that's a very strong characteristic of the freedom we enjoy right now. As long as you have the freedom to choose, and that's what our decentralized currencies offer, no one will be forced to use something he/she doesn't want to use.

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