The old financial system which has to do with the use of fiat currency is rapidly growing irrelevant and obsolete due to its different challenges.

 There are a lot of hassles which is confronting the fiat currency that hinders it from being the best fit for the world system. Some of this challenges come as a result of the centralization of the global financial system, which makes the movement and exchange of fiats to be difficult

 This can be very frustrating as a lot of complications and verification process has to be bypassed before one can carry out different transactions with fiat. No wonder it is no longer the favourite of the global users. As the world is rapidly advancing, a better financial system is really needed to help move the world to its uttermost height of global financial freedom. And the emergence of digital currencies has become the answers to those prayers as it is helping in forwarding the digital revolution. Cryptocurrency is now the trendy currency in the different systems of the world due to the benefit which it carries. It is rapidly replacing the fiat currency because it has successfully eliminated the flaws which limits fiat.

By being a digital currency, its transfer and movement from one wallet to another is easy and unlike the fiat which is limited by the governance of the central bodies during transactions, this digital currency is controlled by its holders.Making transactions with digital currencies is easy and seamless because it can all be done withjust a click of a button.This digital currencies is built on the Blockchain technology which records every transaction on a decentralized legder thereby making it difficult for any form of manipulation to take place on the system.Additionally, cryptocurrency is stored and managed by the holder, as they hold the private keys of the wallet where their coins are stored.Do you know what this means? This means that no outside body has access to your assets without your authorization, you are fully in charge of your own affairs.As a result of its numerous gains, the 

CENTRAL BANK DIGITAL CURRENCY (CBDC) has also emerged. 

This is the quest by different countries to revolutionize their financial system by introducing a the use of a cryptocurrency which is recognized and fully adopted by the entire system. Cryptocurrency is chosen because of the great potential it has to improve every system it enters. One of those who wants to open the doors of digitalization is Marshall Island.

MARSHALL ISLAND CBDC ON THE ALGORAND PROTOCOL 

The Marshall Island do not want to be an exemption to the digital currency revolution, which is quite normal, as no one would love to stand back and watch others enjoy the great benefits of cryptocurrencies. Having made shown great interest in the creation of a digital currency for general use, Marshall Island is finally out for the full adoption of digital currencies and so has reached for the release of the world's first Central Bank Digital Currency (CBDC).  It aims at efficiently making use of the Blockchain technology to drive the global adoption of the CBDC in a decentralized way, in Marshall Island. To make this come to pass, a different kind of Blockchain is needed, one which is not flawed in any way, that is why Marshall Island is adopting the Algorand protocol. Algorand protocol is a permissioned and permissionless Blockchain developed by the Algorand foundation, with which every digital system making use of it will can be fully decentralized. 

 This decision to use the Algorand Blockchain by Marshall Island in the release of its CBDC is as a result of the numerous systems which has been been developed with Algorand and the level of success they have all achieved since their inception. So, the Marshallese government announced through a press release on March 2, 2020, that the Algorand Blockchain will be at the core of the CBDC about to be released by its system.  This partnership was done because of the benefits and great features of the Algorand Blockchain, as the first open source proof of stake protocol. The Marshallese government commended that the features of Algorand such as its scalability, speedy operations and highly secured framework comes is handy for the creation of its CBDC and therefore makes it the perfect fit. 

 The Algorand protocol is obviously one of a kind and has features which is not found in the regular Blockchain, that is why it will perform greatly in the Marshall Island's CBDC.  It was also noted that the Algorand Blockchain posses the compliance control and transactions features needed to run a Central Bank Digital Currency. To be frank, this is a feather to the hat for the Algorand foundation because it has achieved what a lot of Blockchains has failed to in a long time. In the quest to make these dream of the Marshall Island comes to pass, it will release the CBDC via a token presale, making it possible for people to acquire the token. With this development by Marshall Island, a lot of other countries are also looking into the creation of their own CBDC and I believe when that time comes for its actualization, they will also leverage the use of the Algorand Blockchain for efficient output. 

  IN CONCLUSION

Algorand is one of a kind due to its unlimited feature and will play a very crucial role in ensuring the global adoption of digital currencies.  It has pledged to fully support the development of the Marshall Island CBDC which will help greatly in the furtherance of the ongoing digital revolution. Having Algorand at the forefront of the upcoming CBDC will be an added advantage to the countries looking to adopt the this new trend because Algorand has spearheaded similar projects and which is currently doing well in the digital space. Algorand is all the world needs to dive into the cryptocurrency industry and succeed in it.