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A government-backed cryptocurrency is gearing up to launch following fund creation and UN talks
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Quick Take
- The Marshall Islands has announced a not-for-profit, independent development fund to manage its government-backed token, SOV
- SOV will be accepted at all major vendors in the island nation
- The blockchain behind it will be open-source, allowing other countries to fork it and potentially establish their own local digital legal tender
The Marshall Islands could see its own cryptocurrency replace the US dollar, and a new fund is being launched to spur the digital asset’s adoption. The so-called SOV Development Fund will sustain the infrastructure around SOV, the digital currency recently declared the republic’s official currency. The token, which has a controversial past, hopes to solve […]
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