World's first digital legal tender

Blog English Hits: 248

DW.COMDW.COM Sovereign cryptocurrency:  Marshall Islands to launch world-first digital legal tender | DW | 03.03.2018As cryptocurrencies become increasingly mainstream, a small island nation will launch the first digital legal tender.

 

Lawmakers hope the residents will use the SOV for everything from paying taxes to buying groceries.

 

The Marshall Islands will launch the world's first legal tender cryptocurrency after a law passed by parliament earlier this week went unopposed by an official council. The nuclear-ravaged nation has partnered with Israeli company Neema to issue 24 million units of the Sovereign (SOV) digital currency. It will cap the number to prevent inflation. The move follows Venezuela's launch of the Petro cryptocurrency in February. Investors supposedly shelled out $735 million (€600 million) for the oil-backed, sanction-skirting currency, according to President Nicolas Maduro.

Print