Marshall Islands Plan To Have Own Cryptocurrency This Year
The Marshall Islands will be one of the first countries on the planet that will issue a state cryptocurrency, supported by the government of the country.
Located in the middle of the Pacific Ocean, the Marshall Islands have a population of about 60,000 people and the Gross Domestic Product (GDP) has increased by only $ 200 million. A small island state has never been considered an innovative center. Nevertheless, the Marshall Islands intend to become one of the first countries on the planet, which will issue state cryptocurrency, supported by the government of the country.
The country plans to launch Sovereign (SOV), which will be used as a legal tender for businesses and consumers on the island. The SOV economy is such that tokens will be limited to 24 million and will have legal support from the government of the country, which will allow using it as a regular currency. The SOV will be issued in the initial coin offering (ICO), available to the public at the end of this year.
The country works with the Israeli blockbuster and financial digital banking platform Neema to implement this idea. Neema’s CEO Barak Ben-Ezer notes that the country’s government will not actually control the new currency.
The Sovereign (SOV) cryptocurrency of the Marshall Islands is now regarded as one big experiment in the new digital economy with many blooming questions. How do consumers and businesses adapt to this new form of digital cash? How will the country deal with threats to security? Will this pave the way for a new era of state crypto currency? Governments around the world will continue to monitor the activities of small island states.