The Marshall Islands launch their cryptocurrency

infoslink (68)in #crypto • 6 years ago

Although Bitcoin is legal in the United States, Japan and South Korea, it has not yet been fully approved in other countries. If Bitcoin expansion around the world succeeds, trade in goods and services will be guaranteed. This is a bold move by the Marshall Islands government, using its official cryptocurrency called Sovereign (SOV).

Cryptocurrency as a sovereign national currency

Joseph Yong (@iamjosephyoung) posted on Twitter:

Many people do not seem to understand the difference between legal tender and legal tender. Bitcoin is a legal currency in Japan, South Korea and the Philippines, it is allowed to use as currency.

According to the Assistant Minister of the President and Minister of the Environment of the Republic of the Marshall Islands, starting in the third quarter of 2018, the Sovereign (SOV) will be selling tokens . The number of chips in circulation is limited to 24 million.

The government does not intend to put an end to fiat money in the years to come. The Sovereign (SOV) will complete the US dollar, the only authorized currency in the country, since 1982.

Although policymakers and regulators around the world are concerned about the misuse of cryptocurrencies for tax evasion, money laundering and terrorist financing, SOV is deliberately designed to be unusable for these purposes. purposes.

Minister David Paul added that SOV will act as an ordinary currency in the Marshall Islands. This will clear the doubts of businesses and individuals.

This creates legal certainty for its use, as all jurisdictions have laws in place to deal with the legal tender, while private cryptocurrencies are treated differently, depending on the jurisdictions. It was clear that the market was in great need of a non-anonymous Blockchain system. The latter can only function in a regulated environment.

Neema, an Israeli financial technology company, is at the origin of SOV. CEO Ben-Ezer initially proposed the idea of a cryptocurrency to the island nation. The company makes every effort to facilitate the management of the assets and their transfers.

Ben-Ezer aspires to prove to the world that crypto-currencies are reliable alternatives in a market economy. He expects a global impact and this could trigger a chain reaction on how crypto-currencies are perceived and regulated.

Use an Initial Coin Offering

In accordance with KYC methodsscholarships, people wishing to purchase SOV tokens during the Initial Coin Offering (ICO) are required to provide government ID and a biometric marker so that each purse is associated with an identity token. The SOV will soon be available for purchase from the exchange sites.

What do you think of the cryptocurrency launched by the Marshall Islands? Tell us your opinion in the comments section below.