- Marshall Islands Sovereign (SOV) cryptocurrency will be offered as an ICO.
- The citizens to benefit from the revenues of the coin as well as receive free SOV.
- Sovereign (SOV) will be built on “Yokwe framework”- allows user identities to be added to the blockchain.
The Marshall Islands is ready to develop the only legal tender issued as a cryptocurrency asset in the world. The cryptocurrency will be called Sovereign (SOV). The parliament of the volcanic islands decided after lengthy deliberations on the usefulness of Sovereign (SOV) and its distribution as a virtual coin.
The sovereign nation is located in between Australia and Hawaii. It traditionally uses the United States dollar (USD). The country will, however, continue to use the USD currency and the SOV will be used to supplement the traditional currency.
Dr. Hilda C. Heine, the president of the Republic of the Marshall Islands, said in a statement to the citizens:
“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.”
The cryptocurrency will be initially launched as an Initial Coin Offering (ICO) in the year. Interestingly, every citizen will be given some of the SOV for free. In addition to that, potential foreign investors will be given an opportunity to buy into the coin as well.
Consequently, the cryptocurrency will be developed on “Yokwe framework,” a technology that will allow the identities of the users to be added on the blockchain. The feature allows verification of sources to be fast and reliable, therefore, eliminating criminal activities with the coin. However, the government is aware some level of individual privacy will be unavoidable. The profits from the SOV will be used to enrich the lives of the citizens. The President added:
“The RMI will invest the revenues to support its climate change efforts, green energy, healthcare for those still affected by the US nuclear tests, and education. In addition, SOV units will be directly distributed to citizens.”
The Marshall Islands has entered into a new era and leading the world into accepting cryptocurrency as legal tender. The government also hints that it is not done with the blockchain technology, it will be looking at ways to integrate the technology into various systems.
More countries continue to have interest in issuing cryptocurrency tokens, for example, Iran and Israel. Venezuela recently launched its petro token backed by its vast oil reserves.
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