The Marshall Islands is launching its own national cryptocurrency token dubbed the Sovereign (SOV).
While other countries are still debating whether to ban or tax cryptocurrencies (like India), one country took a completely different route.
Marshall Islands has declared their new cryptocurrency as the sole national legal tender. The country has just signed a bill declaring “The Sovereign” (SOV) as its new official cryptocurrency. This will replace the US dollar which the nation has been using.
The sovereign island country in the Pacific has a population of about 53,000 all of whom will soon be using the SOV as their main currency. The US dollar will also still be accepted.
Minister-in-assistance to the president of the Marshall Islands David Paul explained its move. “As a country, we reserve the right to issue a currency in whatever form it is, whether in digital or fiat form.”
The country is partnering with Israeli company Neema to launch 24 million SOVs in an ICO. It plans to sell 6 million currency to international investors and use the proceeds to pay for projects. It also plans to give out 2.4 million to its citizens in the form of cryptocurrency.
The bill to change the legal tender for nation was signed into effect in March. However, it is only this time around that the world has taken notice of this change.
“This is a historic moment for our people, finally issuing and using our own currency, alongside the USD” President Hilda Heine said in a statement. “It is another step of manifesting our national liberty.”
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