The Marshall Islands has been dedicated to launching a national cryptocurrency in order to strengthen its local economy. There are various countries that have attempted to embrace blockchain in order to become a technologically innovative hub for the emerging technology, and The Marshall Islands – home to only 70,000 residents – is one of them.
It appears as though the country will now have some professional help, as they have hired Steve Tendon, a globally-known blockchain strategist, to help launch their national cryptocurrency.
About The Cryptocurrency
Many believe that the Marshall Islands is launching a cryptocurrency simply to distract from the fact that it is geographically and financially isolated, which threatens any real economic growth. However, the country has been preparing for its own cryptocurrency, called SOV (for Sovereign) for some time now.
The Marshall Islands had hoped to launch the cryptocurrency in 2018, although that ultimately did not happen. David Paul, the minister-in-assistance to the president, pushed back against the idea that this was a short-term solution of any sort. He stated: “This was specifically targeted for the long-term needs of the country.”
Bringing In Help
The idea is for the SOV to eventually be the legal tender of the Marshall Islands, along with the U.S. dollar, which would mark the first time that a digital currency is the official currency of a country. The country has brought in Steve Tendon, a well-known blockchain strategist, to help to launch SOV.
Tendon is no stranger to blockchain, and actually resides in Malta, which has marketed itself to the rest of the world as the “Blockchain Island”. Malta also hopes to dominate the sector by embracing blockchain and cryptocurrency while other countries dismiss it or crack down on it. Tendon has experience in the space, as well, as he advised Malta’s Prime Minister as he was attempting to attract blockchain companies from around the world. Specifically, he is also the head of a blockchain consultancy firm called Chainstrategies, and is the chief technology officer (CTO) of a fintech firm called Anticipay.