The president of the American-associated nation of the Marshall Islands survived a “no confidence” vote because of her plans for a national cryptocurrency.
The parliament once backed the plan for the statecoin known as the Sovereign (SOV), which would be distributed and used along with the dollar, the country’s mainstream currency. That changed when, among other things, the president’s critics said the proposed plan sullied the country’s reputation, according to Nikkei.
It did not help the situation when the International Monetary Fund warned the SOV would “increase macroeconomic and financial integrity risks, and elevate the risk of losing the last US dollar correspondent banking relationship,” or CBR.
Still, Finance Minister Brenson Wase said the government will move forward with the Sovereign anyway.