Marshall Islands

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Overview:

The United States recently signed a new 20-year agreement on economic assistance to the Marshall Islands worth $2.3 billion.

About Marshall Islands:

  • The Republic of the Marshall Islands (RMI) is located in the western Pacific Ocean.
  • It is a chain of five volcanic islands and 29 coral atolls.
  • Capital: Majuro
  • Official languages: English and Marshallese
  • Government:
    • It is a presidential republic with a parliamentary system.
    • The President of the Marshall Islands is both the head of state and the head of government.
  • Economy: Agriculture and tourism are the mainstays of the economy.
  • Official currency: US dollar 
  • In 2018, RMI became the first country to issue its own cryptocurrency and certify it as legal tender.
  • History:
    • The islands have been under the control of various nations throughout the last few centuries, including Spain from the late 1400s to the late 1800s, Germany from 1885 to World War I, and Japan from 1914 to World War II.
    • After World War II, the RMI became a part of the United Nations (UN) Trust Territory of the Pacific Islands under the United States (US) administration.
    • The RMI Government was officially established in 1979, following the signing of the Constitution.
    • The RMI gained its independence in 1986 after signing the Compact of Free Association with the US, ending the UN-US Trusteeship Agreement.
  • Compact of Free Association with the United States:
    • It provides the Marshall Islands with financial assistance, defense protection, and access to U.S. government programs.
    • The Compact recognises RMI's right to self-government and seeks to promote economic development and budgetary self-reliance.
    • The United States has full authority and responsibility for security and defense of the Marshall Islands.

Q1) What is cryptocurrency?

A cryptocurrency is a digital or virtual currency secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Most cryptocurrencies exist on decentralized networks using blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.

Source: Exclusive-US negotiator signs new deal with strategic Marshall Islands