The Republic of the Marshall Islands (RMI), which in February 2018 reported about its intention to launch a national digital currency, has just provided further information on the development of the project.
In particular, it has just been known the nation will develop its new digital currency on Algorand's blockchain.
According to an announcement that was shared yesterday, SFB Technologies, the company responsible for developing SOV's blockchain infrastructure, has reported the digital currency will be based on Algorand's technology.
Thus, Algorand's blockchain will provide the sovereign currency with speed, scalability, security as well as required compliance controls such as identity management and compliance platform.
Algorand has said that after it is launched, the SOV will co-exist with the US dollar, the country's official currency, and that its aim is to help the Marshall Islands operate effectively in the global economy.
The offering of the SOV will grow by 4% every year in order to avoid inflation.
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