Marshall Islands President Faces No-Confidence Vote Due for Proposing National Cryptocurrency

Marshall Islands President Faces No-Confidence Vote Due for Proposing National Cryptocurrency

Marshall Islands

The president of Marshall Islands, President Hilda Heine might have landed herself in trouble following her decision to trail the footsteps of Venezuela’s President on the issue of cryptocurrency. This is coming after she made an announcement regarding her plans to create a nationally backed cryptocurrency. If implemented, cryptocurrency will serve the same function as the country’s legal tender.

Hilda Heine to Face a No-confidence Motion

After declaring her intention of creating a national cryptocurrency, the United States and IMF have issued a strong warning and advised that such a decision could be detrimental and should not be considered. Following this development, a report has it that eight Marshal Island senators have come together to present a No-confidence Motion against the president.

According to a recent report, the consensus formed by these eight senators whose goal is to vote out the presidents is led by a former president who was also voted out of office— Senator Carsten Nemra.

A local news outlet reported that the eight senators have done so much in leveling criticisms against Hilda Heine. According to the report, the senators backed up the reasons for their action by explaining how the promotion of the proposed cryptocurrency may result in broken ties with the country’s allies— the US Treasury Department and IMF.

The report further explained:
“Mr. Nemra said the Heine administration’s plan to establish a digital currency as legal tender had tainted the country’s reputation and generate criticism from major financial organizations, including the International Monetary Fund and the US Treasury Department.”
Is Senator Nemra Staging a Come Back?

According to a previous report, senator Nemra also faced the penalty of impeachment through a vote of no confidence, then president Heine took over their affairs of the country afterward.

Narrating the event, a report stated that:
“Nemra, now in his first term in office, was briefly president in early 2016 before he was unseated by Ms. Heine in a no-confidence vote three weeks after his election in January that year.”
The fate of the president is going to be decided on Monday, November 12.