Following in the footsteps of Venezuela’s President, the president of Marshall Islands, President Hilda Heine has announced plans to create a nationally backed cryptocurrency that would serve a similar function as a legal tender. However, from the look of things, her plans might have landed her in more trouble than she has prepared for.
President Hilda to Face a No-confidence Motion
Following the declaration of her intention to create a national cryptocurrency, the IMF, and the United States have strongly advised against taking such action. In light of this, it has been reported that eight senators from the country have formed a consensus to present a no-confidence motion against the President.
A recent report has made it known that the group of eight senators with plans to vote out the President is spearheaded by Senator Casten Nemra, a Former president who was voted out himself.
Based on a report from a local news outlet, the senator has levelled a lot of criticisms against President Hilda. In the report, the senator made remarks towards how the promotion of the proposed Cryptocurrency has caused great discomfort for the US Treasury Department and IMF.
The report stated that:
“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.”
An Eye for an Eye?
Based on the previous report, Senator Nemra was also impeached through a vote of no confidence, right before President Heine took office.
A report explaining the event 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.”
Whether President Hilda will be unseated or not, the motion will be debated and voted on Monday, November 12.
Currently, there is no clear indication of what the outcome of the voting exercise will be.