The Northern Mariana Islands of Tinian is aiming to set itself up with its own stablecoin.
The proposal is aimed at bringing in hundreds of millions in tax revenue per year, while avoiding any type of association with a casino.
The jurisdiction previously handled the collapse of a (basically) junket operator that attempted to turn Imperial Pacific International (IPI) into an integrated resort. However, the company ultimately failed, leaving the region with millions in allegedly unpaid taxes.
The new effort is also part of a push to allow online gambling, with certain key top officials in strong opposition to the idea.
However, the legislature overrode the opposition, meaning the region could be paving the way to new, stable, gaming options aside from land-based.
Written by
Nelson Moura
Editor and reporter with 10 years of experience in Greater China, namely Taiwan and Macau, in printed and online media, with a focus on finance, gaming, politics, crime, business and social issues.
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