King-Nabors said the bill aligned with “much-needed” economic diversification measures, as the local economy was yet to bounce back from a COVID-19 pandemic-induced slump.“This legislation stands at a time where we're going through so much economic hardships,” King-Nabors added.“I find it difficult that we're constantly having to step over obstacles when we're trying to incentivize and look for ways to bring in revenue that don't affect our environment, that don't require a brick and mortar, that don't impact our land.”Tinian bids for fully-backed stablecoinRepublican Senator for Tinian, Jude Hofschneider, led the introduction of the bill in February, which aims to amend a local Tinian law to allow internet-only casino licenses, along with allowing the island to launch a fully backed US dollar-pegged stablecoin.
On May 9, the Northern Mariana Islands Senate voted 7-1 to override Governor Arnold Palacios' April 11 veto of the bill, which would allow the Tinian local government to issue licenses to internet casinos and includes a provision for the Tinian treasurer to issue, manage and redeem a “Tinian Stable Token.” The bill will now head to the 20-member Northern Mariana Islands House, which will need a two-thirds majority vote to override the veto and pass the bill into law.
Source: YouTube“We struggle with trying to find creative and innovative ways to diversify our economy and our industries,” Babauta said.“I don't believe that gambling is the only thing that we can be looking forward to every single time there's an investor that comes in.”However, Republican Senator Karl King-Nabors, who represents Tinian and co-authored the bill, said it was “a far more stringent and efficient way to oversee the online gaming aspect.”“This stablecoin is tracked through software, and if anything, it allows for more transparency when it comes to the Tinian Casino Gaming Control Commission,” he added.
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Author / Journalist: Cointelegraph by Jesse Coghlan
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