The pioneering Marshallese sovereign (SOV) digital currency will coexist alongside the US dollar before gradually becoming the prime currency.
The Marshall Islands, in Micronesia, is set to become the first country to issue a sovereign digital token.
The island country, which boasts a population of just 58,000 people, has teamed up with Algorand and SFB Technologies to deliver the pioneering Marshallese sovereign (SOV) digital currency, which will coexist alongside the US dollar, before gradually becoming the prime currency.
Algorand is the creator of an open source blockchain protocol. The founder of Algorand, Silvio Micali, said, “We are proud to support the country on its groundbreaking journey toward mainstream digital currency adoption.”
The partnership ensures that the SOV will be built on a scalable platform. The government of the Marshall Islands will oversee the new digital currency and leverage the combination of Algorand’s blockchain functionality and SFB Technologies’ identity-management and compliance platform.