Marshall Islands to be the first in the world to pay all citizens $200 quarterly
Kyiv • UNN
The Marshall Islands has launched a universal basic income program, where every resident will receive $200 USD quarterly. This is the world's first national scheme, funded by a trust fund of over $1.3 billion.
The Pacific island nation of the Marshall Islands has officially launched a unique universal basic income program. Now, every resident of the country will receive 200 US dollars every three months as financial support from the state. This is the world's first national scheme of its kind, aimed at helping people cope with rising prices for food and essential goods. This was reported by The Guardian, writes UNN.
Details
The government offered citizens several options for receiving money: traditional bank accounts, paper checks, or modern digital wallets with cryptocurrency.
The latter option was developed specifically for those living on very remote islands where it is difficult to deliver cash. As Finance Minister David Paul noted, these payments total $800 per year – an amount not large enough to quit work, but sufficient to significantly support the family budget.
The program is funded through a special trust fund of over $1.3 billion, established under an agreement with the United States. The first payments were made at the end of November, and most residents immediately spent them on food and household needs.
Despite the concerns of financial experts regarding the use of digital currencies, the country's authorities are confident that this approach will help unite thousands of people scattered across small islands in the ocean.