Progress for National Digital Currency for the Marshall Islands
Thanks to a law passed last week to recognize cryptocurrency as legal tender, the Marshall Islands (population 60,000) will continue plans to release a national digital currency later this year.
The Sovereign (SOV) is expected to have equal status to the islands' current form of money, the US dollar. SOV users will be required to identify themselves
Israeli startup Neema is orchestrating the creation of the coin, including development of monetary policy for the island nation.
The launch could raise $30 million, with half of that slated to go Neema.
The SOV has been hotly debated, with leaders from the Marshall Islands, IMF, and even US worried that the creation could turn the island nation into a money laundering haven. President Hilda Heine faced a vote of no confidence at the end of 2018 over the matter, winning by a narrow margin on just a single vote.
The Marshall Islands currently receives about $70 million in US assistance each year.
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