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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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