The tiny nation of the Marshall Islands is creating a big uproar with its own digital currency in order to raise some hard cash to boost the economy.
The Pacific island nation with 1,100 islands and a population of 60,000 said it will become the first country in the world to recognize a cryptocurrency as its legal tender, the passed law this February to create the digital “Sovereign,” or SOV officially bringing the project to life.
The president – Hilda C. Heine said that “This is a historic moment when we are finally issuing and using our currency and circulating with the dollar.”
Moreover, Neema – an Israeli company that specializes in assisting global money transfers by means of blockchain technology has been selected to build up much of the tools behind the planned SOV issuance. Dissimilar to Bitcoin and other cryptocurrencies, SOV will make use of the ‘Yokwe protocol’, which is intended to authenticate users and dealings by linking SOV wallets to people confirmed by the government.