Marshall Islands Launches Cryptocurrency-Based Universal Basic Income Scheme
The Marshall Islands has launched a pioneering universal basic income (UBI) program, unique for its use of cryptocurrency alongside traditional payment methods. Each citizen will receive quarterly payments of around $200, aiming to alleviate rising living costs, with options for bank transfers, checks, or a government-backed digital wallet. The initiative, funded by a trust fund related to U.S. nuclear testing compensation, leverages blockchain technology to facilitate payments across the archipelago’s remote islands. While the digital payment method offers potential benefits in accessibility, especially in remote areas, challenges remain due to patchy internet connectivity and limited adoption of digital wallets.
John Q. Hosedrinker