[2018-02-28] Marshall Islands Plans To Launch National Cryptocurrency And ICO

[WatchMaker]

Another country is planning to create its own cryptocurrency.

The Republic of the Marshall Islands intends to issue the Sovereign, or SOV, to supplement the U.S. dollar as its  legal tender.

Legislators for the Pacific island nation (2011 population: 53,158) passed the Declaration and Issuance of the Sovereign Currency Act 2018 on February 26th.

"The purpose of this Act is to declare and issue a digital decentralized currency based on blockchain technology as legal tender of the Republic of Marshall Islands," reads the bill, posted in the Sovereign's official Telegram channel. The bill goes on to say that the currency will be issued by the nation's Ministry of Finance and introduced via an initial coin offering (ICO).

more: https://www.coindesk.com/meet-sovereign-marshall-islands-government-issue-crypto-token/

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[figmentofmyass]

"decentralized" and "introduced via an initial coin offering (ICO)" are contradictory, so i'm curious what the scheme will actually look like. the government is openly using it as a fundraising scheme---much like the petro---to replace US reparations:

The government reportedly intends to use its ICO proceeds to bolster its coffers ahead of the termination of U.S. reparations payments, which amount to $30 million a year, meant to compensate islanders for the United States using site as a nuclear weapons testing ground in the 1940s and 1950s.

but i do like the sound of this. from the company that will apparently develop the protocol for the marshall islands government:

"Once we achieve success, the SOV will bring us several steps closer to a free, more liberated world. In which money flows peer to peer, instantly and cost effectively, and no ruler can arbitrarily print more of it," Ben-Ezer and Rahav added.

[gentlemand]

Venezuela, now this and rumblings from Iran. Interesting how it's picking up steam.

The first real supposed "country coin" was Mazacoin which was a shocker of a pump and dump. That was one that large sections of the Oglala Lakota claimed to know nothing about.

And as above, what the hell does an ICO have to do with a supposed currency? How and where will it be traded so people can recoup? Why should crypto kiddies pick up the US government's damage bill?

[Jating]

I guess if it will really bring nothing but good for a country then it will be really advisable to launch their own government back coins. I don't know  though if this is going to be successful in the long run as I haven't seen any coins yet so far that become the next big thing in a country. Russia just started its own cryptorubble but with the burden of high taxes. If I where a crypto lover I wouldn't buy those coins but probably just invest it on a traditional stocks.

I also wanted to know that exchanges it will be traded, just like crypto Petrol by Venezuela. It is offered to non US entity or it is only available to Republic of the Marshall Islands only?

[n0ne]

This has been a good plan from the small Island nation where implementing is quiet an easy task. Also the name sovereign also adds value to it. Following this country other small countries too might get into the plans of launching their own national cryptocurrency and ico.