Crypto-currency will be the official currency of the Marshal Islands

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 This country which includes more than 1,200 islands in the Pacific ocean adopted Wednesday a law declaring the officiality of its digital currency, called Sovereign (SOV), to quickly replace the dollar American, used until then.

The Republic of the Marshall Islands, an island country located in the center of the central Pacific ocean, should become the first sovereign nation to issue a crypto-currency as legal tender and official reports the International Business Times.

The Parliament of this group of more than 1,200 islands, with a population of approximately 50,000 inhabitants, adopted Wednesday a law declaring its digital currency, called Sovereign (SOV), as its new official currency. It should enter into circulation later this year.

Neema, a start-up based in Israel which facilitates international money transfers via an application, will develop the underlying technology of the new crypto-currency. "SOV is a big issue, because so far, all the crypto-currencies were in regulatory limbo" to Bitcoin Magazine Barak Ben-Ezer, co-founder of Neema said.

The Government of the Marshall Islands will organize an initial corner offering (ICO), which will be used to fill its coffers before the end of the United States dollar payments.


An attempt to dispense with the US dollar


Because the Marshall Islands currently use the U.S. dollar as currency. The main sources of income of the Republic are substantial U.S. subsidies as part of a free association agreement and rental of land for American missiles on Kwajalein test, a coral formation in the chain Western part of the Republic of the Marshall Islands.

This initiative comes at a time where financial regulators around the world are becoming increasingly hostile to digital currencies. The Securities and Exchange Commission of the United States has issued dozens of subpoenas and requests for information technology companies and advisors involved in the
cryptocurrencies, was reported Thursday in the Wall Street Journal citing people close to the case. Meanwhile, the European Central Bank issued several warnings about the dangers of investment in digital currencies.

Earlier this year, the Venezuela launched a crypto-currency called Petro, claiming that he was the first crypto-currency sovereign of the world.

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