The launch of the UBI program, utilizing a “digital sovereign bond,” occurred two months after the IMF warned against the island nation using an “untested” digital asset.
Update (Nov. 18 at 12:10 am UTC): This article has been updated to include a statement from David Paul.
The Republic of the Marshall Islands announced that it would allow citizens to access funds through a government-issued digital asset as part of the nation’s Universal Basic Income (UBI) program.
In a Wednesday announcement shared with Cointelegraph, the government of the Pacific island nation said it had launched a digital wallet called Lomalo, which will utilize the US dollar-pegged stablecoin USDM1 to enable citizens to access the UBI program. According to the government, the first disbursement of funds will occur in late November, allowing citizens to access them through their wallet, by physical check, or via direct deposit.
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