The sovereign country of the Marshall Islands has decided to ditch the US Dollar as its official currency and adopt the Sovereign (SOV) cryptocurrency, a crypto coin created by the Island’s inhabitants that promises, among other things, to be a more secure and efficient way of conducting transactions than the USD. Definitely, this a historical decision, as Marshall Island is now the first country in the world to choose an official cryptocurrency over a fiat currency.
The Marshall Islands chose its own Sovereign cryptocurrency over the USD
The proposal was made in February 2018 and was made official just one month later, in March.
However, this has come back in the news these days, once again, due to the implication this movement has for international banking systems which normally point to the lack of support from an international authority as the reason for criticising or not accepting cryptocurrency.
The Marshall Islands’ decision to ditch the United States Dollar and adopt its own Sovereign (SOV) cryptocurrency drew the attention of cryptocurrencies market investors and the crypto-related publications who used Twitter to draw more attention to the event.
At the moment of this article, the Sovereign (SOV) cryptocurrency is in full process of implementation which will commence with an ICO (Initial Coin Offering).
Cryptocurrencies are still frequently undermined by international banking systems and governments
This follows multiple international attempts to lower the profile of cryptocurrencies, including an executive order from U.S. President Donald Trump to veto investments in Venezuelan Petro cryptocurrency, as well as the problems in regulating these digital assets in countries like Chile.
In certain territories such as Germany and Japan, cryptocurrencies are accepted and considered under the law, although there are still problems in places like Venezuela, where the state seeks to dominate with its own currency called Petro, or China, where crypto coins are still seen as competing for the country’s traditional money.