A national cryptocurrency for the Marshall Islands continues to be being actively developed, despite previous disagreements among government officials on the topic, a blog post from the team behind the coin revealed Jan. 10.

In the recent post, the team behind the coin — dubbed Sovereign (SOV) — disclosed that it had created “significant progress to find partners, investors, and developers” to realize the project.

As the post states, the team is about to launch SOV in 2019.

The team behind the state-backed crypto includes former executive of the Bank for International Settlements, Dr.Peter Dittus, as the project’s Chief economic expert.

The project conjointly declared a brand new partnership with “smart banknotes” firm Tangem, a start-up operating from Switzerland and Singapore.

The Marshallese parliament had at first supported the development of the national digital currency, as per a report in Feb, 2018.

The cryptocurrency was set to be used together with with the U. S. dollar that the country uses as its official currency.

In Sept, the project received criticism from major financial organizations, including the International monetary fund (IMF) and also the U.S. Treasury Department.

The International Monetary Fund warned regarding the potential risks of employing a cryptocurrency as tender, stating that “the potential advantages from revenue gains seem significantly smaller than the potential costs arising from economic, reputational, AML/CFT, and governance risks.”

In November, the country’s President Hilda Heine narrowly survived a vote of no confidence, in part because of her administration’s plans to introduce a national digital currency.

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