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114 Alexandre, A (2019) How the Marshall Islands Envisions Its National Digital Currency Dubbed ‘Sovereign’, available at
http:// bit .ly/ 2ShVQEx See also: ‘The SOV is not equivalent to a central bank digital currency, which is a digital form
of the central bank’s liability (cash and reserves) because RMI uses the U.S. dollar as a legal tender and the SOV’s
exchange rates would be determined on global crypto-currency exchanges’ IMF (2018) Republic of the Marshall Islands:
2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of
the Marshall Islands, available at http:// bit .ly/ 2NY76qU
115 Light, J (2018) Why the Marshall Islands Is Trying to Launch a Cryptocurrency, available at https:// bloom .bg/ 2ShmlKl
116 The IMF, in its consultation report on its bilateral discussions with the RMI, recommended against the issuance of the
SOV until the RMI could identify and ensure implementation of adequate measures to mitigate the 'potential costs
arising from economic, reputational, AML/CFT and governance risks.` It said that in the absence of adequate measures
to mitigate them, the RMI should reconsider the issuance of the digital currency as legal tender. IMF (2018) Republic of
the Marshall Islands: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director
for the Republic of the Marshall Islands, available at http:// bit .ly/ 2XQkTnp
117 Light, J (2018) Why the Marshall Islands Is Trying to Launch a Cryptocurrency, available at https:// bloom .bg/ 2ShmlKl
118 It does not have any relationship with the Bitcoin crypto-currency, only in that it uses the same type of blockchain
technology used by Bitcoin.
119 PRWEB (2016) Bitt Launches Caribbean's First Blockchain Based Digital Money, available at http:// bit .ly/ 2ShVNZn
120 Bitcoin Magazine (2016) Overstock Invests in Bitt to Launch Official Digital Currencies in the Caribbean Islands,
available at http:// bit .ly/ 2xSZxqA

121 The CBDC would have eKYC built in to satisfy correspondent bank concerns about ultimate beneficiary ownership
(UBO). It has the support of the Barbados government and potentially a solution for the Caribbean region but is to
date not yet commercially available. See Das, S (2016) Bitt Launches the Blockchain Barbadian Digital Dollar, available
at http:// bit .ly/ 2O0iPW6
122 The majority of the information in this section is derived from ITU-T Focus Group Digital Currency including Digital Fiat
Currency (2019) Reference Architecture and Use Cases Report, available at www .itu .int

123 Increasing the number of validating nodes led to an increase in payment execution time. Moreover, the distance
between validating nodes has an impact on performance: the time required to process transactions increased with the
distance between sets of validating nodes.
124 Information in this section is derived from Perlman, L (2019) Use Of Blockchain Technologies In The Developing World,
available at www .ssrn .com, and the sources cited therein.
125 Needham, C (2015) The Blockchain Report: Welcome to the Internet of Value, available at https:// goo .gl/ fje2p3
126 See further, Choudhury, K (2018) What Blockchain Means for Developing Countries, available at http:// bit .ly/ 2Ge7hrW
127 IFC (2019) BLOCKCHAIN: Opportunities for Private Enterprises in Emerging Markets, available at http:// bit .ly/ 2NYQoYx
128 https:// standard .whiteflagprotocol .net/
129 Radio signals propagate from a transmitting antenna at one base station to a receiving antenna at another base
station. Rain-induced attenuation and, subsequently, path-averaged rainfall intensity can be retrieved from the signal’s
attenuation between transmitter and receiver. A rainfall retrieval algorithm can be applied in real time. See Overeem, A;
Leijnse, H & Uijlenhoeta, R (2013) Country-wide rainfall maps from cellular communication networks, available at http://
bit .ly/ 2YTl2DS
130 Cointelegraph (2019) Oxfam Partners With Tech Firms to Test Dai’s Use in Disaster Aid, available at http:// bit .ly/ 2Ss1jsn
131 Reuters (2016) Bitcoin worth $72 million stolen from Bitfinex exchange in Hong Kong, available at http:// reut .rs/ 2atByqe.
132 See Perlman, L (2020) Legal Aspects of Distributed Ledger Technologies (forthcoming)
133 Mosakheil, J (2018) Security Threats Classification in Blockchains, available at http:// bit .ly/ 2YZiuUJ. The layers are in
turn based on designs from Croman, K; Decker, C; Eyal, I et al. (2016) On Scaling Decentralized Blockchains. Bitcoin and
Blockchain, available at http:// bit .ly/ 2xXqRE8; and Dinh, T; Wang, J; Chen, G et al. (2017) Blockbench: A
133 Framework for Analyzing Private Blockchains, available at https:// nus .edu/ 2JCv9HK
134 Mosakheil, J (2018) Security Threats Classification in Blockchains, available at http:// bit .ly/ 2YZiuUJ. The layers are in
turn based on designs from Croman, K; Decker, C; Eyal, I et al. (2016) On Scaling Decentralized Blockchains. Bitcoin and
Blockchain, available at http:// bit .ly/ 2xXqRE8; and Dinh, T; Wang, J; Chen, G et al. (2017) Blockbench: A
134 Framework for Analyzing Private Blockchains, available at https:// nus .edu/ 2JCv9HK

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