The International Monetary Fund (IMF) has advised against the Republic of the Marshall Islands' plan to issue the world’s first sovereign cryptocurrency, SOV, that can be used as legal tender alongside the US dollar.
The remote Pacific island republic, nestled between Hawaii and Australia, passed a law in February to approve the Sovereign (SOV) as its new currency. The intended launch of the SOV was part of president Hilda Heine’s ‘E-Conomy vision’ which aims to establish an economy based on the extensive use of blockchain to manage the cryptocurrency, secure recorded biometric IDs, and later for the voting system, ownership and even licensing.
An initial coin offering (ICO) has been scheduled for later this year. The token sale and the digital currency itself have been developed in partnership with Israeli startup Neema. Elaborating on the matter, Neema CEO Barak Ben Ez...
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