Cryptocurrencies are an international affair, which is why we keep our eye on related overseas events. Some recent news out of the Marshall Islands caught our attention and is worth a quick share.
US Dollar Out; Cryptocurrency In
The Pacific island nation is booting the US dollar in favor of its own cryptocurrency called the “sovereign,” launched via a 24-million-cap initial coin offering.
The Marshall Islands are home to only 53,066 people. However, despite its small size, the nation’s banks did make significant changes to accommodate a crypto-based monetary system.
Will vendors and businesses still accept greenbacks? Almost certainly. However, from here on out, the dollar will no longer be the country’s official legal tender.
“As a country, we reserve the right to issue a currency in whatever form it is, whether in digital or fiat form,” affirmed David Paul, minister-in-assistance to the president of the Marshall Islands.
The Marshall Islands isn’t the only country to create its own cryptocurrency. Ecuador, Venezuela, Israel, Japan, Senegal, Tunisia, Sweden, Estonia, China, Russia, and Dubai are all experimenting with different types of national, blockchain-based tokens.
Connect With An Experienced Cryptocurrency Lawyer
Andrew Gordon, managing director of the firm, regularly speaks at various industry events. He also maintains an active Facebook group full of tips and videos. It’s an excellent resource for anybody starting out and wanting to learn more about the legalities of cryptocurrency tax and business issues.
If you need a lawyer to consult on a potential fintech or blockchain startup, get in touch. If you’re looking for an ideal international tax position, tailored for a token-heavy portfolio, call. We’ll review your situation and develop bespoke options for your exact needs.