The volcanic island nation of Marshall Islands has also jumped onto the digital currency bandwagon; it has its very own virtual currency called “the Sovereign”.
The island nation is situated between the United States of America and Australia and its current fiat money is the American dollar which is contradictory since Marshall Islands is a SOVEREIGN nation!!
For now, the American dollar will continue to be in circulation while the Sovereign (SOV) will be used as a secondary currency.
Here is what Dr. Hilda C. Heine, President of Marshall Islands had to say:
“This is a historic moment for our people, finally issuing and using our own currency, alongside the USD. It is another step of manifesting our national liberty.”
Similarly to every other digital currency known to man, the Sovereign will be oared as an ICO in the next coming months and every single resident of the island nation will get some Sovereign coins for free!
And international investors will also be able to take part.
Sovereign will be based on a “Yokwe framework”. This means that every user’s identity will be known on its blockchain. This makes finding the source of funds easy and nefarious entities.
Revenue generated from SOV will be used for the greater good of the islands. Said President Heine:
“The RMI will invest the revenues to support its climate change efforts, green energy, health-care for those still affected by the US nuclear tests, and education. In addition, SOV units will be directly distributed to citizens.”
THE BLOCKCHAIN BENEFITS
The Marshall Islands’ government also plans on using blockchain technology to modernize the country’s ownership, licensing, and voting structures.
Sovereign shows the turn of a new era of the government’s acceptance of blockchain technology and cryptocurrencies.