Marshall Islands 1st country to launch own cryptocurrency as legal tender

The Marshall Islands is creating its own digital currency in a bid to raise money. In doing so it becomes the first country in the world to recognize a cryptocurrency as legal tender.

The small Pacific Island nation passed the Sovereign Currency Act to create the ‘sovereign’, or SOV on Monday, following days of debate. The cryptocurrency will have equal status with the US dollar and, unlike many cryptocurrencies, users will have to reveal their identity in order to use SOV.

“This is a historic moment for our people, finally issuing and using our own currency, alongside the USD (US dollar),”President Hilda Heine said in a statement. “It is another step of manifesting our national liberty.”


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Author: Rayan M

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