Northern Marianas vetoes bill for Tinian to launch its own USD stablecoin

The governor of the Northern Mariana Islands, a small Pacific US territory just north of Guam, has killed the legislation that would have allowed one of the territory’s local governments to launch a fully backed US dollar-pegged stablecoin. In an April 11 letter seen by Cointelegraph, Northern Mariana Islands Governor Arnold Palacios said he vetoed the bill as it “presents several legal issues and may be unconstitutional. ”Palacios’ letter said the bill, which largely dealt with issuing licenses to internet casinos, would regulate an activity that could not “be clearly restricted” to Tinian, a small island forming part of the territory that was hoping to launch a stablecoin. Tinian, which has just over 2,000 residents and a largely tourism-based economy, is governed by the local government, the Municipality of Tinian and Aguiguan, one of four municipalities in the Commonwealth of the Northern Mariana Islands source: https://cointelegraph.com/news/northern-marianas-veto-bill-allowing-stablecoin-launch?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound