IMF urges Marshall Islands to drop cryptocurrency plan

BY GIFF JOHNSON

Marshall Islands Correspondent

  MAJURO, Marshall Islands — “Considering the significant risks, the [International Monetary Fund] team recommends that the authorities seriously reconsider the issuance of the SOV.”

  This quote is part of a detailed statement issued by an IMF team that visited the Marshall Islands over the two weeks ending May 25. The statement highlighted the risks to the Marshall Islands of issuing the planned cryptocurrency known as SOV. It also emphasized the need for the government to exert further effort to address money laundering issues and to reverse government spending increases as part . . .

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