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Marshall Islands will be the first in the world to make their own cryptocurrency as a legal tender. Media reported that the parliament, which comprises more than 1,000 islands, issues a law stating that Sovereign (SOV) will be launched as a digital coin. Up until now, Marshall Islands have used the US dollar as their currency.
While the new coin will be issued and used by citizens, the US dollar will stay as a legitimate currency, as well. The President of the Republic of the Marshal Islands stated:
“This is a historic moment for our people, finally issuing and using our own currency, alongside the USD. It is another step of manifesting our national liberty.”
The launch of the coin will begin with the ICO, and every resident of Marshall Islands will receive the free coins upon that period.
After the ICO, the government will be able to distribute the digital coin to the public.
The first of its kind, this SOV cryptocurrency will be identifiable by its users, and right after they identify themselves through the blockchain will they be able to do a transaction. So, this new type of currency, the sovereign one, gives much more confidence and transparency in a sense, especially as we talk about the support of an entire government.
The special type of user experience in the new SOV currency will be done through the so-called “Yokwe framework”, which will take care of the issue of anonymous digital currency-related transactions and therefore, users.
By introducing such innovation in the crypto world, Marshall Islands take one step closer to what they envision as “E-Conomy vision”, as reported by The Telegraph. The government hopes to disrupt multiple sectors in the economy and life of people on the Islands.