Tangem, a Switzerland-based ‘smart card’ wallet manufacturer can reportedly issue physical banknotes for the Sovereign (SOV), the state digital currency of the Marshall Islands, as per an announcement on Jan. 28.
Per the announcement, physical representations of the digital currency can supposedly make sure that citizens have “fair and equal access to their digital currency, whether or not they need internet connection.” The firm states that a physical SOV are going to be a “controllable mechanism” for issuance the currency by the Marshallese government.
Minister David Paul, Minister-in-Assistance to the President of the Marshall Islands, stated, "Tangem can facilitate USA guarantee all voters, as well as those living on a lot of remote outer islands, are ready to easily and practically interact using SOV."
Tangem states that every note can contain a blockchain-enabled microprocessor which can “combine the familiar benefits of paper banknotes with the safety of blockchain technology.” The firm issued physical representations of digital currency in may 2018, once it made 10,000 physical Bitcoin (BTC) banknotes of assorted denominations in a very pilot program.
In Feb 2018, the Republic of the Marshall Islands 1st proclaimed that it'd release its own cryptocurrency complete with an initial coin offering (ICO) and free trading. 2 government officials said that, once issued, the Sovereign can flow into alongside the nation’s other official currency, the U. S. dollar.
The idea of issuance a national cryptocurrency became a disputed topic within the country and with international organizations just like the International money (IMF). In August 2018, the IMF urged the Marshallese government to rethink issuance the Sovereign, saying that it might cause risks to the country’s monetary integrity and relationships with foreign banks.
Marshallese President Hilda Heine’s support for the Sovereign led to a vote of no confidence within the country’s parliament, the Nitijela. whereas the parliament had at first backed the creation of a national digital currency, critics of the president declared that the proposed plan for a state-backed digital currency might harm the country’s reputation.
Heine narrowly survived the vote of no confidence in Nov 2018, with the Nitijela split 16-16. The president reportedly told the parliament that the try to overthrow her was a "referendum regarding our own politics," and hailed plans for the Sovereign as a "historic moment for our folks."
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