Marshall Islands Seeks To Create Sovereign Cryptocurrency For Business

The Pacific ocean grouping of the Marshall Islands is seeking to make its own cryptocurrency as a way to provide an alternative to US dollars for its citizens and businesses.

The tiny island group – which has only 53,000 people – is trying to create its own digital currency to serve alongside its current fiat currency, the US dollar. Israeli firm Neema has been tasked with created the digital currency, which has a reputation for money laundering.

All transactions would be registered on a public blockchain.  Neema is a payments system for sending funds over smartphones and is operating in Israel, the Philippines, Nepal, India and Sri Lanka.