The Republic of Marshall Islands is one of most vocal supporters of cryptocurrency and blockchain technology. Over the last one year, its government has been putting in place measures to promote adoption of the digital currencies in the country.
Printing Notes of Marshall Island Cryptocurrency
Marshall Island is among the few countries that have a national cryptocurrency. On Monday, Tangem, a renowned cryptocurrency hardware wallet developer based in Switzerland revealed that it had been selected to print physical blockchain notes for the nation’s upcoming national cryptocurrency.
During the press briefing, Tangem said that the main purpose of the blockchain notes is to not only ease transactions but also store the republic’s Sovereign (SOV) cryptocurrency. Marshall Islands has put together a team of experts who are spear heading the process of creating and introducing the national cryptocurrency into the existing financial system in the country.
Reports indicate that the national crypto will be an alternative legal tender that businesses, citizens, and foreigners will be able to use to access services and purchase products. Tangem also stated that the notes are similar to the physical card that has a blockchain-enabled microprocessor to enhance its security.
Some of the notable benefits of using the blockchain notes are zero transaction fees, instant transaction validation, and you will not need internet connection to transact. This means that people in the remote areas in Marshall Islands that have limited internet connection will be able to use the notes freely. The Minister-in Assistance to Marshall Islands president, David Paul, also confirmed this when he stated that Tangem will help make sure that citizens including those who reside in the most remote parts of the island will be able to access and use SOV freely and securely.
Announcement of Creation of SOV
The government of Marshall Islands first announced its plans to create and introduce a national cryptocurrency, SOV, last year in February. Plans to create the currency were boosted by the approval by Declaration and Issuance of the Sovereign Currency Act. At that time, Neema, a startup based in Israel that offers international money transfer services was rumoured to be create a public protocol that would act as the underlying tech for the new cryptocurrency.
The creation of SOV has not been without resistance, The International Monetary Fund (IMF) in September 2018 raised concerns about the creation and issuance of SOV. IMF stated that the national currency would interrupt external aid as well as other financial activities thereby compromising the economy.
In other news, Tangem has secured a $15 million investment from SBI, the leading financial services provider in Japan. The company has revealed that it intends to use the new funding to expand its card technology to other areas such as tokenized asset offerings, initial coin offerings, digital identity, stablecoins and the list continues.
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