The Republic of the Marshall Islands (RMI) and Bitt have signed a memorandum of understanding (MOU) with a vision to launch a pilot initiative geared towards implementing a national digital payments system (NDPS) using the US Dollar. This partnership is driven by the aspiration to leverage technology’s potential for advancing financial inclusion, improving transparency, optimising operational processes, and empowering the citizens and businesses of the Marshall Islands.
The NDPS is poised to revolutionise the financial landscape by addressing the economic challenges faced by marginalised entities within the country. It seeks to boost economic activity and bridge the gap between isolated individuals in the region and the numerous economic players transacting with RMI entities. By harnessing blockchain technology and drawing upon Bitt’s proficiency in digital asset management, the pilot programme will explore the feasibility of digital alternatives in the Republic of the Marshall Islands’ existing monetary framework.
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Brian Popelka, CEO of Bitt, commented on the partnership: “We look forward to collaborating with the Marshall Islands. Together, the RMI and Bitt will provide financial solutions aimed at reducing barriers to financial access, fostering trust in the financial system, meeting the future payment needs of the Marshall Islands’ digital economy, and providing the freedom to choose their preferred mode of currency.”
Connecting The Marshall Islands
This move could be a step closer for The Marshall Islands to have more involvement with the rest of the world. The country is one of the smallest in the world, far away from neighbours in the Pacific Ocean. With a population of around 43,000 and a language that is only spoken by the inhabitants of the island, Marshallese, it is somewhat surprising that the country uses the US Dollar as its main currency. Also, in 2018, it became the first country to issue its own cryptocurrency. Perhaps these are signs of pending connectivity for The Marshall Islands.
Senator David Paul of the Republic of the Marshall Islands shared his enthusiasm about the collaboration, saying, “We are excited about our collaboration. By bringing together our respective expertise, Bitt and the RMI aim to create a sustainable and inclusive financial ecosystem that will benefit the entire nation.”
The NDPS will enable individuals to conduct secure and transparent transactions, ultimately reducing the reliance on physical cash and providing alternatives that can augment traditional banking methods. As this collaboration progresses, Bitt and the RMI are thrilled about the potential for positive impact that the NDPS will bring to the people of the Republic of the Marshall Islands.
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