Marshall Islands Plans to Launch Own Cryptocurrency

March 2, 2018

A small island country in the Pacific ocean Marshall Islands is planning to issue own cryptocurrency called Sovereign (SOV). The country's parliament has voted for the issuance of the national digital currency and they plan to use it as a source of revenue for the state's budget.

Sovereign will be launched in 2018 and the government intends to accept it as a legal tender in the country. Marshall Islands plans to hold an ICO, and after that the cryptocurrency will listed on several cryptocurrency exchanges. Funds raised during the ICO will be used to cover the development of the cryptocurrency, as well as for health care.

Minister-in-assistance to the president of Marshall Islands David Paul told in a phone interview with Bloomberg:

"This was specifically targeted for the long-term needs of the country."

This project is not the first time, when a country has plans to issue its own cryptocurrency. On February 20 the national cryptocurrency of Venezuela called El Petro was issued. President Maduro intends to use this cryptocurrency as a way of skirting US sanctions. 

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