Marshall Island will be using crypto as its legal tender

richardsNY

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Quote from: Palmerson on March 10, 2018, 01:37:26 PM

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.

Palmerson

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Quote from: creeps on March 09, 2018, 12:23:29 AM

Quote from: avikz on March 08, 2018, 05:30:13 PM

Quote from: kimmy724 on March 03, 2018, 10:00:05 PM

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.

Edraket31

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Quote from: creeps on March 09, 2018, 12:23:29 AM

Quote from: avikz on March 08, 2018, 05:30:13 PM

Quote from: kimmy724 on March 03, 2018, 10:00:05 PM

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.

creeps

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Quote from: avikz on March 08, 2018, 05:30:13 PM

Quote from: kimmy724 on March 03, 2018, 10:00:05 PM

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.

Oceat

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Quote from: avikz on March 08, 2018, 05:30:13 PM

Quote from: kimmy724 on March 03, 2018, 10:00:05 PM

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.

avikz

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Quote from: kimmy724 on March 03, 2018, 10:00:05 PM

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.

marielbeckham

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

carlfebz2

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Quote from: CryptoBry on March 04, 2018, 07:54:54 AM

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.

warrior333

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The popularity of the cryptocurrency does not give rest to anyone. I think that all States will try to use the popularity of cryptocurrency for their own purposes. But I do not believe in the success of such projects. The aim of States is to make us slaves. The purpose of bitcoin is to make us free.

Brambam

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Great move. Another country will pick the fruit of crypto and help Bitcoin as well.
This is the true power of cryptocurrency.

AKosova

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I think its a way of manifesting there national liberty and thats all there is to it.

orions.belt19

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Quote from: mrcash02 on March 04, 2018, 04:11:12 PM

Quote from: Don Pedro Dinero on March 04, 2018, 02:36:04 AM

Quote from: kimmy724 on March 03, 2018, 10:00:05 PM

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.

https://www.reuters.com/article/us-crypto-currencies-marshall-islands/marshall-islands-to-issue-own-sovereign-cryptocurrency-idUSKCN1GC2UD

This will help to spread crypto popularity but it is just a fiat-based crypto which requires users to identify themselves, so I don't think many people on this forum will be buying it.

It's true, why would people invest in a Crypto-Currency's ICO that is centralized by a country's government? And I think not only on this forum, but in general.

And that one of the goals is: "to solve the anonymity problem that has plagued bitcoin and precluded its mainstream adoption".

They would have more success by adopting Bitcoin and using USD simultaneously. I believe a local Crypto-Currency like that won't have much impact, between this and virtual Dollar transactions there isn't difference and Dollar is stronger, better.

A fiat-based cryptocurrency would allow the government to have more control over it since crypto is generally decentralized. It may discouraging to have that kind of aspect because most prefer crypto for it's decentralization aspect. The anonymity of crypto is going to be a threat for the government and a comprise would be adopting it as fiat-based. That way, it would still be under their control. In a way, it's still going to be beneficial for those in Marshall Island because they would be able to utilize cryptos.

jseverson

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Quote from: Kronos21 on March 04, 2018, 02:53:32 PM

The main difference between cryptocurrencies and Fiat is decentralization.

That's arguable. Ripple is considered a cryptocurrency, and it's also centralized. There's Tether as well. What they all have in common is the cryptography aspect, which is where the term came from. I'd say centralization makes for a bad crypto, but it's crypto nonetheless.

Also, I don't think they're launching it to attract investors anyway; they don't have their own currency, and they want one. Their crypto is likely fully for utility purposes, which I support.

tweetbit

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How can I complain in this one, at least this historical event can be an experimental opportunity for others to follow or not. We must support, even in not making negative feedback about it for now as it isn’t an easy decision that this government is taking. We should not pre-judge them and the future laws within the policy. It is our chance to prove how effective blockchain technology in one economy, technically.

Biscutard

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Quote from: Don Pedro Dinero on March 04, 2018, 02:36:04 AM

Quote from: kimmy724 on March 03, 2018, 10:00:05 PM

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.

https://www.reuters.com/article/us-crypto-currencies-marshall-islands/marshall-islands-to-issue-own-sovereign-cryptocurrency-idUSKCN1GC2UD

This will help to spread crypto popularity but it is just a fiat-based crypto which requires users to identify themselves, so I don't think many people on this forum will be buying it.

If the users anonymity will be useless then i think most people will not really going to buy it since it requires their personal information. Bitcoin was designed to be anonymous to every users transactions but if the people will like it that way it is up to them. Government may want this transparency due to most of the people's illegal actions.

mrcash02

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Quote from: Don Pedro Dinero on March 04, 2018, 02:36:04 AM

Quote from: kimmy724 on March 03, 2018, 10:00:05 PM

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.

https://www.reuters.com/article/us-crypto-currencies-marshall-islands/marshall-islands-to-issue-own-sovereign-cryptocurrency-idUSKCN1GC2UD

This will help to spread crypto popularity but it is just a fiat-based crypto which requires users to identify themselves, so I don't think many people on this forum will be buying it.

It's true, why would people invest in a Crypto-Currency's ICO that is centralized by a country's government? And I think not only on this forum, but in general.

And that one of the goals is: "to solve the anonymity problem that has plagued bitcoin and precluded its mainstream adoption".

They would have more success by adopting Bitcoin and using USD simultaneously. I believe a local Crypto-Currency like that won't have much impact, between this and virtual Dollar transactions there isn't difference and Dollar is stronger, better.

creeps

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Quote from: Ovidijus01 on March 04, 2018, 03:27:47 PM

Marshall Island will become dream island for crypto lovers!

Well I hope it will continue, considering cryptocurrency as a legal tender is not that easy. This is a good decision for the Marshall Island to adopt cryptocurrency and hope many countries will follow and do the same thing.

BitcoinGirl.Club

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Quote from: Don Pedro Dinero on March 04, 2018, 02:36:04 AM

Quote from: kimmy724 on March 03, 2018, 10:00:05 PM

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.

https://www.reuters.com/article/us-crypto-currencies-marshall-islands/marshall-islands-to-issue-own-sovereign-cryptocurrency-idUSKCN1GC2UD

This will help to spread crypto popularity but it is just a fiat-based crypto which requires users to identify themselves, so I don't think many people on this forum will be buying it.

It is a great move to have the country use its own currency, it definitely will give them a sense of pride and parliament has already approved to make it legal tender which looks like all is going as planned but will this project be open to every one of us or this will be strictly open to the Marshall Islands’ 24 municipalities Huh

Wishing the Marshall Islands the best and hope they have a successful ICO to show other countries that cryptocurrencies are the future.

Ovidijus01

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Marshall Island will become dream island for crypto lovers!

Kronos21

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Quote from: ahmad21 on March 04, 2018, 02:47:24 PM

Quote from: kimmy724 on March 03, 2018, 10:00:05 PM

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.

Despite of the fact that they are a pretty small country it will be interesting to see how their economy will work on a cryptocurrency. As the crypto will be of the government. I think there might not be that kind of a anonymity in it but there still will be huge price increases in the country moreover it will be interesting to see how they regulate the money supply in their country.

I can confidently say that this idea is doomed to failure. It is impossible to create an unregulated economy in the country. If the cryptocurrency of this state is monopolistically created by the government, it will be an electronic Fiat. The main difference between cryptocurrencies and Fiat is decentralization.

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