Marshall Islands to become world’s first country to issue digital legal tender “Sovereign”

The Republic of the Marshall Islands (RMI) will become the first sovereign nation to issue a cryptocurrency that will be legal tender. The new currency is called “Sovereign” with the symbol “SOV”. The SOV will be distributed to the public via an Initial Currency Offering (ICO). It will circulate as legal tender in the country, alongside its current local currency, the U.S. dollar. The RMI has partnered with Israeli fintech startup Neema to issue 24 million units of the Sovereign (SOV) digital currency. It will cap the number to prevent inflation. The move follows Venezuela’s launch of the Petro cryptocurrency in February 2018. Unlike the Petro, the SOV will be recognized in law as legal tender, holding equal status as the US dollar, which is the Pacific island nation’s current currency. The Marshall Islands is a Pacific island republic nestled between Hawaii and Australia.