Marshall islands introduces its own cryptocurrency

The Marshall Islands is on the move with plans to issue its own cryptocurrency that will be distributed as a means of payment together with the US dollar.

The country has recently announced the official release of the Sovereign (SOV). SOV will have an established money supply with settled growth along with closing the secrecy and anonymity loopholes utilized by criminals and terrorists. With a view to avoid inflation the Marshall Islands has covered the SOV supply at 24 million tokens.

Earlier this year a government of the country disclosed that SOV will be controlled by an independent, non-profit organization called “SOV Development Fund.” The aforesaid organization’s main task is to support the launch of the new coin.

David Paul, minister-in-assistance to the president of the Marshall Islands stated:

"SOV will be issued to the public through an initial coin offering, then it will act like regular money. Every individual using SOV must be identified by an approved verifier of their choice, such as a bank or an exchange."

The Marshall Islands expects that citizens will use the SOV for different purposes from tax payments to buying groceries.

Potential ideas for possible sovereign cryptocurrencies have grew in strength in past few months. A much like attitude with regard to digital currencies has been developing not long ago with central banks in Russia and China. The aforesaid countries already announced trial starts of prototypical cryptocurrencies.

This progress partly was achieved due to the fact that authorities in these countries don’t want to give in the cryptocurrency space to companies they have no control over. Such actions could benefit national economies in a long perspective.

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