The Marshall Islands has announced that it will launch its own cryptocurrency, called the Sovereign, this year. And it will immediately become legal tender, which could drastically impact their current reliance on the US dollar. And with the islands being one of the world’s top tax havens, crypto trading could well be of great interest to a number of investors.
The small group of islands, with a population of around 80,000, will become a world leader in terms of founding a cryptocurrency in this manner. Whether they are able to completely end dependency on the USD or not is impossible to predict at this stage now.
Funding for Victims
Not all the funds raised from the ICO will go towards developing the infrastructure of the currency itself. The government have announced that a portion will go towards healthcare provision for those affected by the regime of US nuclear testing from 1946-1958.
Assuming a successful ICO, this would be the first fully-approved national cryptocurrency, although it is unlikely that the US will be in full support. Venezuela have also released their own cryptocurrency, but it has been swamped with huge controversy and questions over its legality or viability. Meanwhile, Iran and Turkey have also announced their future intentions to set up their own national cryptos.
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Is this the future? Do you think your country will follow suit? Let us know your thoughts.