Marshall Islands to launch national crypto currency

The Marshall Islands is launching its national crypto currency, which will serve as a legal tender along with the US dollar. Parliament has already approved this, and the ICO should begin this year.

The Pacific Republic of the Marshall Islands is ready to issue its own crypto currency, making it a legal tender along with the current official currency of the US dollar. Called SOV, from the "sovereign", the crypto currency will be launched through the initial offer of coins.

David Paul, the minister's assistant to the president, said in an interview:

"This is the way to the future. We reserve the right to issue currency in any form, be it phiatic or digital currency. "

He added that Bitcoin and other crypto-currencies, as a rule, promote anonymous transactions, which contradicts banking standards.

"It was clear that there is a huge market demand in a non-anonymous blockchain system that can operate in a regulated environment, Said Paul.

Although ICO attracts speculators and scammers, local officials decided to launch a token through a sale that would be open to the public. The government will offer 24 million tokens, which represent 24 of the municipality of the republic.

Paul also showed that some of the ICO funds will be used to fund a state trust fund that is designed to help future generations. He said that part of the funds received will pay for medical services for people whose health suffered as a result of nuclear tests conducted by the US in this area in 1940 and 1950. Currently, about 70 000 people live in the Marshall Islands.

Paul said that the timing of the launch of ICO has not yet been determined, but the initial sale of coins will begin in the near future.

Author: Olga Novikova, Analyst Freedman Club Crypto News
Image from Fotolia

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