Marshall Islands is an isolated island nation in the Pacific Nation. The island holds a population of about 75,000 and is now on the path to create its own cryptocurrency. The environment minister and minister-in-assistance to the president of the Republic of the Marshall Islands elaborated about the venture at a conference held in Singapore on Wednesday.
From the sidelines of the conference, Paul said,
“With the blockchain technology in place, we thought this was an opportune time to establish our own legal tender and lessen the nation’s dependence on the dollar. As a small country it’s going to be easier and faster for us to make decisions and respond to the market as a digital coin is introduced.”
The initial dates for the invention is not yet available. This is because the officials require to resolve compliance and regulatory issues that work with U.S. Treasury and the International Monetary Fund.
Only verified users can transact in Marshallese Sovereign or SOV. The newly created SOV will also directly reach the eligible holders along with Marshallese citizens. They will also receive an equal share of 10% of initial currency supply, as per the statement.
Basically, Marshall Islands began after the terror attacks on Sept 11, 2001. Paul further informed that this happened when Financial regulatory regime modified and the requirements for performing the transactions become more stringent.
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