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The launch of the UBI program, utilizing a \u201cdigital sovereign bond,\u201d occurred two months after the IMF warned against the island nation using an \u201cuntested\u201d digital asset.<\/p>\n
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\u2019s Universal Basic Income (UBI) program.<\/p>\n
In a Wednesday announcement shared with Cointelegraph, the government of the 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.<\/p>\n
\u201cBy introducing a secure digital option alongside our traditional methods, we are strengthening our financial systems and ensuring that no community is left behind,\u201d said David Paul, finance minister for the Marshall Islands.\u00a0<\/p>\n
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