In a recent official release, the Republic of Marshall Island announced that the blockchain expert Steve Tendon is assisting the country to develop its Sovereign (SOV) currency. The SOV will be a legal tender in the Pacific island nation for all debts, taxes, dues, and public charges.
Dr. Peter Dittus, the Chief Economist for SOV said that,
“With Steve working alongside Neema, we are growing closer every day to support the Marshall Islands with issuing the first digital legal tender and launching a financial services economy around it.”
According to Dittus, Steve is one of the foremost experts in the field of blockchain technology and regulations. Steve is going to assist the island in drafting and designing of the regulations to develop the island as a blockchain financial services economy. Steve Tendon is the Managing Director of the of Malta-based blockchain company TameFlow Consulting. TameFlow provides consultancy and services to companies and businesses which want to integrate blockchain technology into their systems.
By issuing its own cryptocurrency, the Marshall Island is planning to address environmental and financial challenges which the island is facing because of the small and vulnerable economy. By opening the island to the entire blockchain economy, the island is trying to become a crypto financial powerhouse. With the launch of its SOV, the island will connect the blockchain technology with mainstream banking services.
The Sovereign currency of Marshall Island will be a decentralized currency which will be a legal tender in the Pacific island. Once the currency is issued it will join the U.S. Dollar as the official money or legal tender of the Republic of the Marshall Island (RMI). As the SOV is decentralized and based on blockchain so it will allow fast and cost-effective cross border transactions while preventing abuse by bad actors.