The NMI House of Representatives recently overrode Governor Arnold I. Palacios’ veto of Senate Local Bill 24-1, paving the way for internet gaming on Tinian and creating the island’s very own stable coin.
Stablecoins are a type of cryptocurrency whose value is pegged to that of another currency or commodity, such as fiat currency or gold.
But according to Attorney General (AG) Edward Manibusan, the creation of Tinian’s stablecoin presents an unconstitutional issue.
“The Tinian local delegation or Rota local delegation can pass law that affects that locality itself,” Manibusan said. “When it reaches beyond that, it presents a constitutional issue, and that's our basic concern.”
He said it is not about the stablecoin or about cryptocurrency, but the effect of the local law on the entire Commonwealth.
Manibusan adds that the Tinian delegation overstepped in the creation of the stable coin.
The Tinian Municipality has announced that the Tinian Treasury has officially issued and minted the Marianas U.S. Dollar, or MUSD, and Tinian has chosen locally based Marianas Rai Corp. as the exclusive provider of software and services for the issuance and redemption of MUSD.
