DEVELOPERS OF THE NATIONAL CRYPTOCURRENCY OF THE MARSHALL ISLANDS CONFIRMED PLANS TO LAUNCH THE COIN IN 2019
In a recent announcement, the team behind the creation of the national cryptocurrency of the Marshall Islands — Sovereign (SOV) — said that it has made “significant progress in finding partners, investors and developers” ready to assist in the implementation of the project. According to the team, the launch of SOV is scheduled for 2019.
It is reported that the group to create its own digital currency of the Central Bank of the Marshall Islands is Dr. Peter Dittus, a former Secretary General of the Bank for international settlements, who acts as the chief economist of the project.
The Parliament of the Marshall Islands initially supported the development of the national digital currency — the cryptocurrency had all chances to become a legitimate means of payment along with the US dollar, which is used in the country as the official currency. However, in September, the project was criticized by major financial institutions, including the International monetary Fund (IMF) and the US Treasury. The IMF warned the Republic about the potential risks of using cryptocurrency as a legal tender.