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The Marshall Islands launches a sovereign crypto coin

Sep 04 2019
By
Jonathan Smith

The Marshall Islands, the small Pacific nation that is also a favorite offshore destination for many brokers that prefer to avoid the strict regulations in Europe, the U.S. and Australia revealed a plan to launch a crypto currency of its own, which will be in circulation along the American Dollar – until now the only official legal tender on the islands.

 

The Sovereign (SOV) supply will be capped at 24 million tokens so that the coin will not lose its value. The authorities also promise that the block chain technology behind Sovereign will close many of “the secrecy and anonymity loopholes”, that are usually used for clandestine activities involving digital coins.

 

“Every individual using SOV must be identified by an approved verifier of their choice, such as a bank or an exchange,” said David Paul, a minister in assistance to the president of the Marshall Islands, cited by Finance Magnates.

 

Sovereign, which also will be designed as a stable coin, linked to the dollar, will be governed by an independent, non-profit organization called “SOV Development Fund”, and will be issued through an an initial coin offering.

 

The Marshall Islands had passed a Sovereign Currency Act back in 2018, stating its intent to release its new national digital coin.

 

David Paul pointed out that the decision to issue a digital currency was based on a conviction that centralized solutions will not work in a country of little over 50 000 people spread across over 1000 Pacific islands.

TAGS: Sovereign (SOV)  Marshall Islands  crypto currency 
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