As reported yesterday Bloomberg, the two government officials, the Republic of the Marshall Islands plans to launch its own cryptocurrency, which will serve as the national and official means of payment. The government plans to ICO, and run the exchange on which it will be possible to make an exchange and trade in cryptocurrency.
Two officials, one of whom is the speaker and Senator of the Parliament Kenneth kedI, stated that this week the Parliament approved the creation of a currency, which will be called Sovereign (SOV).
Currently Marshall Islands use the U.S. dollar as their official currency, they withdraw from it would not and after the release of the Sovereign. Sovereign will be distributed through the Initial range of coins (ICO), which has yet to be finally approved by the government.
Assistant to the President David Paul said that the new state coin will be released before the end of 2018, adding that she “is special designed for long-term needs of the country.”
Perhaps the government of the Marshall Island such a step was inspired by Venezuela with his cryptocurrency system the Petro. It is worth to note that worldwide there is a similar trend. Even the lawmakers of Iran and Turkey said they are considering the establishment of a national coin.
At the same time, the Sovereign will meet the “needs” in a relatively small area, the population of the Islands is 53 000 citizens. According to the report, some cash received from ICO will be used for the health of citizens who were victims of consequences of nuclear tests, the US in the past.
“Start and use its own currency along with the dollar — a historic moment for our people. This is another step towards the manifestation of our national freedom, ” – said on this occasion, the President of the Republic of Hilda Hine.