Marshall Islands warned to cancel its ICO or be denied international aid

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The Marshall Islands is launching its own cryptocurrency to boost its economy, but it might have run into a brick wall. The International Monetary Fund (IMF) issued a stark warning: cancel the ICO or face being cut off from the US dollar.

The Republic of the Marshall Islands (RMI) is small and remote. It is a sovereign nation, but uses the US dollar for its national currency. An initial coin offering (ICO) is planned that will launch a new cryptocurrency, to be used alongside the US dollar.

The IMF say that the RMI is “[taking advantage] of the growing enthusiasm for cryptocurrencies, together with the innovation of it being a national currency, to generate much-needed income for the government.”

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