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The Marshall Islands will release its own "crypto-Sovereign"


Pacific Marshall Islands is planning to issue its own crypto currency, which will become the official legal tender of the republic. Last week, members of parliament voted to promote this initiative, Senator Kenneth Chedi said. According to him, the senate still has a few days to oppose, but this is unlikely.

 Presidential aide David Paul said that the digital coin Sovereign will be released this year. According to him, the government organizes the preliminary placement of tokens (ICO), after which the exchanges will be allowed to apply for trade. This step is seen as a way to strengthen the republic's budget, he said.

"This was specifically targeted for the long-term needs of the country."

On the Marshall Islands - more than 1100 islands and islets in the Pacific Ocean - about 70 thousand people live.

"Some of those involved in the course of the ICO will be used to provide medical assistance to local residents affected by US nuclear tests that were conducted in this area several decades ago," Paul said.

Several governments have sought to strengthen their finances with cryptocurrencies. This month Venezuela launched its own digital token, the Petro.

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