- The Marshall Islands launched the world’s first on-chain universal basic income using the Stellar blockchain.
- Blockchain technology made fast, cheap and fully auditable government transactions possible.
- Stellar (XLM) is showing bullish momentum as it holds key trendline support and consolidates above regained margins.
The Republic of the Marshall Islands has made history execute the world’s first on-chain universal basic income (UBI) using the Stellar blockchain. Citizens received instant, unconditional payments digitally, demonstrating how blockchain can streamline government spending and improve financial inclusion while ensuring transparency in the distribution of public funds.
By using Stellar, the RMI has ensured that transaction transactions take place quickly, at lower costs and securely. The fact that payments take place on-chain means that there is transparency and no third parties are involved. This is an example of how technology can improve the efficiency and credibility of government-run social services.
The move further strengthens the Marshall Islands’ ambitions in digital finance. With the credit for innovating the first national cryptocurrency, the country is now paving the way for other applications of blockchain technology, shifting from merely conducting trading activities. The UBI project could potentially motivate other countries to explore alternatives to crypto prosperity.
Also Read: XLM Breakout Watch: Can Stellar Rise Toward $0.30 Before Year End?
XLM looks upside while trendline support remains strong
Moreover, the crypto analyst, BINANCE KILLERS, marked that Stellar (XLM) is also showing signs of renewed strength after rejecting lower prices along an upward trendline. The steep decline has been quickly absorbed, indicating that demand is at a crucial level. Such a response has allowed the XLM coin to re-enter the trading range.
After recapturing this region, XLM is starting to consolidate above it, which is an indication of a healthy market structure. The fact that the price remains above past resistance levels indicates that the price is still driven by buying pressure, with market participants defending their positions in the market rather than signaling weakness as might be expected.
Source: BINANCE KILLERS
The technical scenario seems positive as long as the rising trend line and regained area are maintained. Nevertheless, the bears will regain control and the market may witness a deeper correction if a break below the trend line occurs. Until then, the bulls will remain in the running and prevent the price from falling further.
Also Read: Stellar (XLM) Weekly Analysis: Can the Price Break the Resistance and Reach 0.47?
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