Marshall Islands to Launch ICO of ‘Sovereign’ National Cryptocurrency


The legislature of the Republic of the Marshall Islands passed a bill to establish its own national cryptocurrency and first coin offering (ICO) potentially by the end of this year.

Located between Hawaii and Australia, the state of 1,100 islands and a population of 53,000 will establish its very own legal tender cryptocurrency, which is called 'Sovereign' (SOV). The country's legislature passed the Declaration and Issuance of their Sovereign Currency Act 2018 on February 26th, officially bringing the project to life.

Israeli startup Neema, a company which specializes in facilitating international money transfers through blockchain technology, has been chosen to develop much of the technology supporting the planned SOV issuance. Unlike Bitcoin along with other anonymous cryptocurrencies, SOV will use the Yokwe general protocol, which was made to verify transactions and users by linking SOV wallets to individuals verified from the government.

Components of SOV are anticipated to be dispersed by year end, together with each Marshall Islands resident set to receive a free allocation. The government has also said that trades are going to have the ability to use to openly trade SOV.

Currently, the Marshall Islands uses the US dollar as the official currency and receives $30 million in the US annual in reimbursement for atomic weapons tests performed on its territory shortly after WWII. Those nuclear reparation obligations are coming to an end shortly and the ICO is viewed by the authorities as a way to bridge the coming budget gap.

Hilda Heine, president of this tiny Pacific island country, known to the planned SOV ICO as "a historical moment for our people, ultimately issuing and utilizing our own money, alongside the USD. It's another measure of manifesting our national liberty."

Apart from financing the underlying technology of the SOV and offsetting gaps in the budget, some of the funds raised in the ICO will allegedly be utilized to encourage green technology initiatives as well as help citizens nevertheless suffering from exposure to nuclear radiation from American evaluations.

The Marshall Islands have become the second state to officially announce a federal cryptocurrency undertaking. Venezuela established the pre-sale of their Petro token on February 20, a cryptocurrency job that the South American nation expects to use to evade Western sanctions and help get their hyperinflation issue under control.

Iran, Turkey, and Russia have expressed interest in launching national cryptocurrency projects of their own.

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