KUALA LUMPUR, Sept 11 -- The Republic of the Marshall Islands (RMI) is moving ahead with its blockchain-based national currency, the Marshallese sovereign (SOV).
Announced at the Invest: Asia cryptocurrency conference in Singapore, the sovereign will be introduced in a highly visible way before circulation in the Marshall Islands is initiated, according to a statement.
Specifically, the currency will be introduced through a sale over an extended period of time in a Timed Release Monetary Issuance (TRMI). The units sold during this introductory period are intended to be exchanged for the Marshallese sovereign, once it is officially launched.
The TRMI units are to be released continuously in equal daily allotments, via auctions.
The bulk of the proceeds will be placed in trust funds focused on key challenges for the Marshall Islands, such as combating climate change and mitigating the ongoing health crisis caused by nuclear testing at Bikini Atoll.
The RMI currently uses the United States dollar as its currency, and the dollar will continue to circulate in the islands once the SOV is launched, but the Marshallese sovereign will be the RMI’s official legal tender.
In addition to algorithmically fixing the supply growth of SOV, newly-created SOV will be sent automatically to eligible SOV holders, including all Marshallese citizens, who will also receive an equal split of 10 per cent of the initial currency supply.
Interested parties can pre-register for the TRMI at the website of the SOV Development Foundation at https://sov.foundation.