SALT LAKE CITY, Oct. 23, 2023 /PRNewswire/ — The Republic of the Marshall Islands (RMI) and Bitt have signed a memorandum of understanding (MOU) with a vision to launch a pilot initiative geared towards implementing a National Digital Payments System (NDPS) using the US Dollar. This partnership is driven by the aspiration to leverage technology’s potential for advancing financial inclusion, improving transparency, optimizing operational processes, and empowering the citizens and businesses of the Marshall Islands.
The NDPS is poised to revolutionize the financial landscape by addressing the economic challenges faced by marginalized entities within the Marshall Islands. It seeks to boost economic activity and bridge the gap between isolated individuals in the region and the numerous economic players transacting with RMI entities. By harnessing blockchain technology and drawing upon Bitt’s proficiency in digital asset management, the pilot program will explore the feasibility of digital alternatives in the Republic of the Marshall Islands’ existing monetary framework.
Brian Popelka, CEO of Bitt, commented on the partnership: "We look forward to collaborating with the Marshall Islands. Together, the RMI and Bitt will provide financial solutions aimed at reducing barriers to financial access, fostering trust in the financial system, meeting the future payment needs of the Marshall Islands’ digital economy, and providing the freedom to choose their preferred mode of currency." The NDPS will enable individuals to conduct secure and transparent transactions, ultimately reducing the reliance on physical cash and providing alternatives that can augment traditional banking methods.
Senator David Paul of the Republic of the Marshall Islands shared his enthusiasm about the collaboration, saying, "We are excited about our collaboration. By bringing together our respective expertise, Bitt and the RMI aim to create a sustainable and inclusive financial ecosystem that will benefit the entire nation."
As this collaboration progresses, Bitt and the RMI are thrilled about the potential for positive impact that the NDPS will bring to the people of the Republic of the Marshall Islands. This pilot program serves as a testament to the commitment of Bitt and the RMI to drive economic growth, enhance financial well-being, and empower individuals to thrive in the digital era.
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