Photo: CFOTO / NurPhoto via AFP
The Marshall Islands is giving away free cash to its more than 33,000 citizens.
The government announced its universal basic income (UBI) system on Wednesday, with blockchain as its main mode of delivery.
It marks the first system of its kind in the world, where each citizen is periodically paid an equal sum regardless of how much they are making, it said.
Marshall Islands will give their citizens US$800 per year, per person, paid out quarterly. Citizens will have the option of receiving their payment via a stablecoin called USDM1, by cheque, or by bank deposit.
A stablecoin is a cryptocurrency pegged to a real-world asset or group of assets - in this case, US Treasury bonds, tethering it to the ever-changing value of the US Dollar.
Citizens can now access payments on a digital wallet called Lomalo, bypassing the need for bank account and thus, the RMI said, reaching the remotest parts of the nation where access to banking may not be a guarantee.
Alongside the lump-sum payment, the programme offers larger payments to those in extraordinary circumstances for issues such as food and housing.
Photo: RNZ Pacific
Spreading the wealth
The Marshall Islands is one of three Pacific Island countries (alongside the
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