Could This Be the First National Digital Currency

MIT Professor Silvio Micali’s innovative use of the blockchain technology is showcasing its true potential for the future. The federal government of the Republic of the Marshall Islands is looking to become the first to adopt a national digital currency using blockchain technology.

A country of around 50,000 people spread across more than 1,000 islands in a remote part of the Pacific Ocean, the Republic of the Marshall Islands relies on cross-border finance and trade. This makes it difficult for them to access certain goods and financial services efficiently. The government hopes that will change with this digital currency, which will have a fixed supply rate, by avoiding high transaction fees, simplifying compliance with international partners, and protecting against inflation.