The Marshall Islands will launch its own cryptocurrency

Many people are unaware of the existence of this small and remote country, located in the middle of the Pacific Ocean, but today is news because it became the first sovereign nation to launch an official cryptocurrency, legal tender.

The new currency, which will be called "Sovereign" ("sovereign") and abbreviated as "SOV", will be distributed among the population (of only 50,000 inhabitants) through an initial ICO. It would circulate in the local market together with the US dollar, the official currency of the country.

The new cryptocurrency is based on an authorized protocol, known as "Yowke" ("hello", in the local language of the islands), which requires blockchain users to authenticate themselves as such. The promoters of the "Sovereign" seek, with this, to solve the problem of anonymity that hindered access to Bitcoin and, in this way, not to repeat it.

"The Marshall Islands is the first nation to adopt a transparent cryptographic monetary system and we are proud of it," said David Paul, Minister of Assistance to the Presidency and Minister of the Environment of the Marshall Islands. "We are happy to say that, today, we are the first nation in the world to jump into the era of digital currencies. 10% of our ICO income will go to a "green" climate fund.

The minister added that he is especially proud of the cryptocurrency since it includes all the benefits of Bitcoin, with the exception of anonymity.

Unlike the "Petro", cryptocurrency recently launched in Venezuela, the "Sovereign" has legal tender, with the full approval of the Parliament. The news does not represent anything less, since we must take into account that the Marshall Islands, despite being a small island country, is a sovereign nation and member of the UN. Therefore, the impact due to the launch of the "Sovereign" could become quite significant.