Marshall Islands will produce paper banknotes for their national crypto
In a relatively surprising move, the Republic of the Marshall Islands has announced there will also be physical paper banknotes for the nation’s cryptocurrency, Sovereign (SOV).
According to the official announcement made by Tangem, Swiss ‘smart card’ wallet manufacturer, they were hired by the republic to print the paper banknotes. The physical banknotes of an SOV will be representing a “controllable mechanism” for currency issuance controlled by the government.
As explained to the Marshall Islands’ government, the paper versions of the banknotes will ensure all citizens have fair and equal access to the national cryptocurrency, without regard whether or not they have access to the internet. According to Tangem, each banknote is to contain a blockchain-enabled microprocessor, which combines all the familiar advantages of physical banknotes with the security of the blockchain technology. Before earning the contract of the Marshall Islands, the company ran a pilot program with printing of 10,000 physical Bitcoin (BTC) banknotes in a variety of denominations.
Sovereign became the focal point in the Republic of the Marshall Islands. Being such a controversial topic, the establishment of a national cryptocurrency almost cost the president of the country, Hilda Heine, her seat. However, she has survived the impeachment and continued to bless the development of the national crypto. Once issued, the Sovereign will become the second nation’s official currency and will circulate along with the U.S. dollar nationwide.