The Marshall Islands’ national cryptocurrency, Sovereign (SOV), will reportedly also be issued in the form of physical banknotes backed by blockchain technology.
The announcement came from decentralized smart card wallet manufacturer, Tangem, with the company saying the cash will be launched in a scheme alongside the Marshall Islands government to order to provide ”fair and equal access to their digital currency, whether or not they have [an] internet connection”.
In a press release, Tangem stated it would create cards containing a blockchain-enabled microprocessor that will visually appear as unique banknotes, offering zero-fee transactions for processing the cash with ”immediate” transaction verification.
The Pacific island nation became the first jurisdiction to offer a legal cryptocurrency in February 2018, issuing SOV alongside the existing tender, USD. The new cryptocurrency ”cash” is the latest development as the Marshal Islands realizes the practicalities of having a national digital currency that is expected to be useable across the island by all residents.
While the country’s efforts set an appealing standard for the cryptocurrency community, not all reaction has been positive. In August last year, the International Monetary Fund warned that SOV put the nation’s relationships with foreign banks at risk, even requesting the country to reconsider its decision.
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