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Marshall Islands Launches World's First Blockchain Universal Basic Income
The Marshall Islands distributes US$800 annually to over 33,000 citizens via a blockchain-based digital wallet backed by U.S. Treasury bonds, aiming to improve financial access.
Summary
The Republic of the Marshall Islands completed the world's first on-chain universal basic income (UBI) disbursement on Tuesday, using the Stellar blockchain and distributing payments through USDM1 — a U.S. dollar-denominated sovereign bond fully backed by short-term U.S. Treasury bills.
The Marshall Islands has introduced a nationwide programme of unconditional basic income, each of which will receive $200 quarterly, reports The Guardian, and the publication notes that it is the first State in the world to implement such a programme, according to experts.