The small nation of the Marshall Islands has become the next country to have its own distinct legal tender that can be used as a cryptocurrency. The new currency is entitled Sovereign and is a digital coin that will be distributed out to people in the country for full exchange and use. This comes not long after Venezuela’s decision to release its own currency.

Sovereign would work alongside the American dollar as a currency that can be used for legal transactions on this small island nation in the Pacific Ocean and may also be used by other investors who wish to trade currencies in the future.

The currency will be sent out later in the year through an ICO. It will be available to the public with all of the nearly 50,000 residents living on the Marshall Islands getting their own allotment of the currency.

Sovereign will be different from other cryptocurrencies in that users can work with a distinct blockchain that is separate from other currencies on the market. It is easier for people to verify where the currencies being made available to the public are going thanks to this prominent process.

The Yokwe framework will be utilized for managing the currency. With this setup, users will have to identify themselves on the blockchain before transactions can move through. Although this does not entail the privacy and anonymity that many other currencies use, Sovereign will be easier for the government to monitor while ensuring that the coins being handled are used properly.

The Marshall Islands is aiming to help with streamlining many functions within the small island nation. This includes adapting the new blockchain setup to work with a stronger voting system and to also support the development of individual identification functions. Much of the country’s efforts for managing a proper voting system and the identification of individuals have been rudimentary for the most part.

The ICO is also being supported by Neema, an Israeli tech organization that works to manage blockchain-related functions. The general goal of Neema is to produce a stronger setup for managing a decentralized economy.

The funds that the Marshall Islands will receive off of the effort will be utilized to help handle the country’s ongoing effort to develop green energy and to manage climate change issues. The government also wants funds for handling the healthcare needs of those in the country who are still being impacted by United States nuclear tests that took place around the region long ago.

The Green Climate Fund is expected to take in about 10 percent of the funds from the ICO. This effort in the Marshall Islands is designed to support the country’s needs to reverse the effects of global warming and to protect the country from environmental damages caused by much larger countries from around the world.

This move from the Marshall Islands comes not long after the introduction of the Petro currency in Venezuela. This currency is the most prominent instance at the moment of a national government releasing its own cryptocurrency.

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