A few months ago, Sovereign (SOV), the State crypto of the Marshall Islands had caused a stir for being one of the first sovereign cryptocurrencies in the world, perhaps even before the Petro.
SOV would have replaced the US dollar currently in circulation on the island but, shortly after the news, the International Monetary Fund (IMF) began to exert pressure on the government of the Marshall Islands to abandon the project of adopting a national cryptocurrency.
Today the situation gets complicated as President Hilda Heine will have to put to the vote the creation of Sovereign. The vote will take place next week, on November 12th.
The launch of the Sovereign of the Marshall Islands would certainly be a historic step for the independence of the country and would include an ICO – organized in collaboration with the Israeli startup Neema – which would put 24 million SOVs on the market.
According to Radio New Zealand News, the 33 members of parliament are divided between the President’s support and distrust, so it is not clear how the vote could go.