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Through the program, each resident of the Marshall Islands will obtain around $200 every three months. Payments were initially distributed at the end of November, and recipients had the option to select their preferred method: cash deposited into a bank account, via check, or in cryptocurrency using a digital wallet.
"We, as a government, aim to ensure that everyone is included," said David Paul, Finance Minister of the Marshall Islands, to the British newspaper.
"The quarterly amount of $200 per person, or roughly $800 annually, isn't a necessity to leave work... instead, it aims to enhance morale," he stated.
He referred to these payments as a "social safety net" in light of increasing expenses and the exodus of residents.
The UBI program is funded by a trust fund created through an agreement with the United States, which aims to compensate the Marshall Islands for years of American nuclear testing. The fund holds assets totaling $1.3 billion, and the United States has committed to provide another $500 million by the conclusion of 2027.
The Guardian reports that experts describe this program as the world's first of its kind.
source: theguardian.com
"We, as a government, aim to ensure that everyone is included," said David Paul, Finance Minister of the Marshall Islands, to the British newspaper.
"The quarterly amount of $200 per person, or roughly $800 annually, isn't a necessity to leave work... instead, it aims to enhance morale," he stated.
He referred to these payments as a "social safety net" in light of increasing expenses and the exodus of residents.
The UBI program is funded by a trust fund created through an agreement with the United States, which aims to compensate the Marshall Islands for years of American nuclear testing. The fund holds assets totaling $1.3 billion, and the United States has committed to provide another $500 million by the conclusion of 2027.
The Guardian reports that experts describe this program as the world's first of its kind.
source: theguardian.com