The Republic of Marshall Islands declares national crypto as legal tender

January 16, 2019
Chris Wheal

The topic of national cryptocurrency has been hot on the Marshall Islands, almost causing its president to lose her chair for the public endorsement of crypto. However, despite certain disagreements in the Maltese government, the launch of the national cryptocurrency, Sovereign (SOV), has been confirmed through the official announcement.

The Republic of Marshall Islands announced their Sovereign Currency Act in 2018. This declared the Sovereign (SOV), a digital currency, as the Republic’s new currency. However, SOV hasn’t been introduced to the public as of yet. According to the SOV team’s newsletter, they’re working on different options for the public launch of the digital currency this year.

The SOV will be just like any other type of government currency; subject to Marshall Islands’ taxes and dues, among other things. Furthermore, all SOV holders must complete and understand the policies, procedures and requirements of “Know Your Customer” (KYC) policies imposed by the Banking Commissioner.

The Republic’s Legal Tender Committee is in charge of ensuring the “Know Your Customer” processes are applied efficiently at the Initial Coin Offering (ICO) level as well.

Recently, the SOV team has recruited more members and partnered with other organizations, such as the Aijar Jenlik Foundation, Tangem, ID PASS, Tusk Ventures and Guidepost Solutions.

The Republic of Marshall Islands is located in the middle between the Philippines and the U.S. state of Hawaii, with a population a little over 53 thousand.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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