The Republic of the Marshall Islands, with a population of roughly 70,000 people, plans to release its own cryptocurrency - the Sovereign - to serve as an official legal tender, Bloomberg reported.
Members of parliament voted this week to proceed with the plan, said Kenneth Kedi, a senator and the body’s speaker.
According to Finance Magnates, Hilda C. Heine, President of the Marshall Islands (RMI) commented on the launch:
“This is a historic moment for our people, finally issuing and using our own currency, alongside the USD. It is another step of manifesting our national liberty.”
The digital coin will probably be issued this year, David Paul, minister-in-assistance to the president, told Bloomberg.
He said the government will arrange an ICO and exchanges will be allowed to apply to trade the currency.
“This was specifically targeted for the long-term needs of the country,” Paul said.
Some proceeds from the crypto offering will be used to provide healthcare to locals affected by US nuclear tests conducted in the area decades ago, Paul said.
An Israel-based money transfer startup called Neema is in charge of developing the necessary digital infrastructure ahead of the initial coin offering that is expected to happen later this year, CTech reported.
Last week Venezuela became the first country to issue its national cryptocurrency Petro.