Marshall Islands to Issue National Cryptocurrency

Asia Blockchain Review
September 21, 2019
Marshall Islands to Issue National Cryptocurrency

The Republic of the Marshall Islands is proceeding with the creation of a blockchain-based national currency, reportedly called the Marshallese sovereign or SOV. 

David Paul, Environment Minister and Minister-in-Assistance to the President of the Marshall Islands, spoke about the project at the Invest: Asia cryptocurrency conference held in Singapore on September 11th. 

SOV to be Introduced in Timed Release Monetary Issuance

The national virtual currency will be introduced through a token sale in a Timed Release Monetary Issuance (TRMI) before commencing use in the Pacific island nation. The units sold during this phase will be exchangeable for the Marshallese sovereign after the actual crypto is officially released. 

Backed by the government, SOV will be built on a specially developed blockchain platform. With its built-in compliance features, its supply will consistently expand at a fixed rate. 

The Marshall Islands is currently using the US dollar as its currency. The dollar will remain in use once SOV has launched, but the Marshallese sovereign will become the national legal tender.

Marshall Islands Minister: Blockchain Solves Problems for Small Govts

The Pacific island nation has been facing logistical challenges, such as remittance costs as high as 10% per transaction, transport difficulties due to the country’s remote geography, a lack of international banking relationships and monetary policy options. 

However, Minister Paul said, “Blockchain changes everything.”

“Blockchain won’t just let us create our own money for the first time — the sovereign is a new kind of money, one which enshrines our Marshallese values,” he added. 

He also emphasized that SOV offers more security than conventional currencies and that it lessens the compliance burden for small nations.

Source: https://finance.yahoo.com/ 


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Global Islamic FinTech 2020: A Digitalised Economy Growth To Look Out For
    If you are new in this sector, Asia Blockchain Review is ready to get you started on the whole missi...

    February 26, 2020

    Earn while You Sleep with Crypto Staking
    As the crypto-driven revolution continues to take the financial world by storm, the crypto sector ha...

    February 25, 2020

    pitchIN: Leading the Way for Crowdfunding in Malaysia
    When it comes to the crowdfunding space in SEA, a name which rings a bell with most industry players...

    February 18, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us