According to the remarks from the house speaker and senator Kenneth Kedi and David Paul, minister-in-assistance to the Marshall Islands president, Marshall Islands to issue Cryptocurrency Sovereign SOV.
1 March, AtoZForex – According to the government officials, the Republic of the Marshall Islands is planning to release its own cryptocurrency with an ICO and free trading. The house speaker and senator Kenneth Kedi and David Paul, minister-in-assistance to the president of the Marshall Islands have shared some insights into the matter.
Marshall Islands to issue Cryptocurrency Sovereign SOV
Mr. Kedi has stated that the Pacific nation’s parliament has approved the creation of the national cryptocurrency. The Marshall Islands’ cryptocurrency will be called the Sovereign (SOV).
At the moment, Marshall Islands uses the US dollar as the official currency. Once the Sovereign will be released, it will be operating along with the US dollar across the country. It is known that the Sovereign will be distributed via an Initial Coin Offering (ICO). The latter will need to be approved by the council. However, the rejection is “unlikely,” according to Mr. Kedi.
David Paul has also shared his view in regards to the latest developments:
“This is the way of the future. As a country, we reserve the right to issue a currency in whatever form it is, whether in digital or fiat form.”
He has further added that the new state-issued cryptocurrency will appear before the end of the current year. He mentioned that the Sovereign will be “specifically targeted for the long-term needs of the country.”
National Cryptocurrency Trend
The move from the Marshall Islands comes just following the Venezuelan oil-backed cryptocurrency Petro launch. Moreover, two other countries have also shared their plans to create their very own national cryptocurrency: Turkey and Iran.
The Sovereign will aim to address the needs on a relatively small scale, considering the population of the country. According to some of the online reports, the funds raised via the ICO will be used for the healthcare for citizens who suffered from the nuclear testing by the US in the past.
Think we missed something? Let us know in the comments section below.