Another country joins the growing list of states gearing up for the creation and release of their very own cryptocurrency. This time, it’s the Republic of the Marshall Islands, and their cryptocurrency is going to be known as Sovereign (SOV).
Currently, the country uses the US dollar as its legal tender. The launch of the SOV is expected to act as a supplement. The decision to create the cryptocurrency was passed through the Declaration and Issuance of the Sovereign Currency Act 2018 at the end of February 2018. According to the bill, “The purpose of this Act is to declare and issue a digital decentralized currency based on blockchain technology as legal tender of the Republic of Marshall Islands.” The Ministry of Finance will issue the currency, which will be introduced as an ICO (initial coin offering).
Said President Hilda C. Heine, “This is a historic moment for our people, finally issuing and using our own currency, alongside the USD. It is another step of manifesting our national liberty.” Reports further reveal that Israeli startup Neema will be the one developing the cryptocurrency’s technology through the use of “Yokwe”, a public protocol designed to mitigate crimes related to identity security.
“We all dreamt of this day, when the first country goes crypto,” expressed Neema founder and CEo Barak Ben-Ezer. “Once we achieve success, the SOV will bring us several steps closer to a free, moer liberated world. In which money flows peer to peer, instantly and cost effectively, and no ruler can arbitrarily print more of it.
With the SOV in circulation, the government finally hopes to be able to increase their funding in preparation for the termination of US reparation payments amounting to as much as $30 million year. The reparation budget was originally imposed on the US to compensate islanders for using their location as a nuclear weapons testing grounds back in the ‘40s and ‘50s.