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Citing Reuters new york, Fox News reported in the Daily Herald Daily. On November 1, the President of the Federated States of Micronesia passed the world's first Encrypted digital cash Act, which is planned to be used in the country's financial foreign exchange reserves, government service system and business service system, allowing customs bonded, tourism payment, financial insurance, medical and livelihood systems to improve efficiency under a unified block chain public service. It is reported that this is the world's first national policy and regulation formally incorporating the block chain.A spokesman for the Federated States of Micronesia said: The Yap Island Stone Coin in Micronesia is the oldest and only "decentralized trust currency system" in existence so far. Therefore, the country's block chain system is to be named "X-stone Virtual" to pay tribute.
Micronesia is the birthplace of bitcoin and the inspiration of the block chain, and as a financial experimental special zone protected by the U.S. military, it has always been at the forefront of block chain innovation. In his campaign speech in may this year, micronesian president David W.Panuelo promised to actively introduce a large amount of overseas investment and technology through the practical application of the block chain.
Yap Island is a state of the Federated States of Micronesia, located in the western Pacific Ocean today. Yap Island used a unique and oldest currency in its history-Yap Island Stone Coin. This kind of stone coin has a hole in the middle, which is convenient to insert the pole for carrying, but its weight is up to 4 tons. Therefore, a new transaction mode has been formed in Yapu, that is, after the transaction is completed, the double houses do not transfer the stone coins, but mark the stone coins to indicate that the ownership has changed hands. As long as everyone recognizes the ownership of this stone coin, they will recognize the transfer of wealth.
Excerpts from Federated States of Micronesia Encrypted digital cash Act
Clause 2.1 The FSM Central Bank will officially incorporate encrypted digital cash into the national strategic currency and foreign exchange reserves from March 2020.
Clause 3.1 Micronesia Block Chain The public chain to be adopted by the government public service system is "X-stone Virtual"
Clause 4.5 The encrypted currency increased by the FSM Central Bank must be considered and approved by the FSM Congress. The issue initiated by 6 or more members and approved by 2/3 votes can be included in the FSM Central Bank Encrypted digital cash Joint Reserve List.
Article 4.9 The implementing departments to which this Act applies are: Micronesia Encrypted digital cash Reserve Bureau, Federated States of Micronesia Bank, Micronesia Federal Transportation Bureau, Micronesia Federal Tourism Bureau, Micronesia Education and Reform Office, Micronesia Finance Bureau, Micronesia Administration and Budget Bureau, Micronesia Real Estate Construction Bureau, and Micronesia Social Security Bureau.
Appendix: List of Encrypted digital cash Joint Reserves of the Central Bank of Micronesia The first encrypted digital cash are bitcoin(BTC), X-stone Virtual(XSV), Ethereum(ETH), Litecoin(LTC), ripple(XRP)
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