“The Republic of the Marshall Islands (RMI), an island country located near the equator in the Pacific Ocean with a population of about 50,000, is going to release its own Cryptocurrency with an ICO and free trading and aims to become the first sovereign nation to issue a Cryptocurrency that will be legal tender.
The new currency will be known as “Sovereign” with the symbol “SOV”. It will be distributed via ICO which will be launched along with It.” told two government officials to Bloomberg.
The Marshall Island currently uses the US dollar as its official currency, and once issued, the Sovereign will circulate alongside the dollar.
Y-combinator Israeli fintech startup Neema is partnering with RMI to issue the SOV, starting with a presale that will be followed by an ICO later this year.
SOV is based on a protocol, dubbed “Yokwe” (meaning “hello” in the local language), which requires blockchain users to authenticate. This will solve the anonymity problem that plagued Bitcoin and precluded its mainstream adoption.” as per the SOV promoters.
“This is a historic moment for our people, finally issuing and using our own currency, alongside the USD,” said RMI President Hilda C. Heine. “It is another step of manifesting our national liberty.”
“The Marshall Islands is the first nation to adopt a transparent crypto monetary system, and we are proud of it,” added David Paul, Minister-in-Assistance to the President and Environment Minister of the RMI. 10 percent of our proceeds from the ICO will be directed toward a Green Climate Fund.” Paul added that he is especially proud of SOV since it is based on the Yokwe blockchain framework that has all the benefits of Bitcoin minus the anonymity.
This move comes just close to the Maduro government launching a Cryptocurrency in Venezuela, dubbed Petro, claiming that it was the world’s first sovereign Cryptocurrency while across the globe in Iran and Turkey lawmakers also made known they are considering a national coin.
The impact of The RMI deploying its Cryptocurrency that is also a legal tender will be huge.