The world's first government-issued virtual currency "Sovereign (sovereign)" issued by the Marshall Islands, what is its aim?

Republic of Marshall Islands (RMI), But the national authorized virtual currency "Sovereign(Sovereign)We announced that it will issue. Issuance of the national virtual currency Sovereign seems to be one big project citing the country which survived as the RMI nation.

Media Kit: Marshall Islands issues world's first crypto legal tender: 'The Sovereign' (SOV) | Blonde 2.0 | PR system
http://pr.blonde20.com/media-kit-rmi/

The Marshall Islands Is Most Recent Nation to Make Crypto an Official Currency
https://futurism.com/marshall-islands-crypto-official-currency/

Announced that RMI will issue the virtual currency "Sovereign (SOV)". RMI has used US dollars as its own currency so far, but we plan to distribute the government-issued virtual currency SOV in parallel as well.


According to RMI "SOV is the world's first virtual currency issued by government with legal grounds". Venezuela has already issued the government's virtual currency "Petro"Although it reveals the concept, RMI's argument is that" the world's first government-approved virtual currency is SOV "because there is no formal legal basis and there is a possibility that it will be scrapped. Unlike Petro, which is issued in association with oil prices, SOV emphasizes that it is a free currency whose price is determined by the market and that it is issued not by a country subject to economic sanctions in the United States but by an American alliance , Petro is appealing to the superiority.


According to RMI SOV is an Israeli emerging Fintech companyNeemaIt is said that it is being developed by. In SOV, a framework called "Yakwe" has been introduced, and it is a major feature that it solves the anonymity problem inherent in virtual currency such as Bitcoin. The Yakwe framework seems to secure information required by the financial institution that someone holds the virtual currency and the source of the funds. Also, in the use of SOV, it is stated that the token works only as a replacement function, and money applications are exchanged by fingerprint authentication for applications that are used on a daily basis.


RMI in late 2018Initial Coin Offering (ICO)We are planning to issue SOV through RMI, Minister of the RMI David PaulReuters"SOV will be issuing 24 million units to 24 municipalities, and" advance selling "will start soon in advance of ICO" says.

A major objective of RMI issuing SOV by ICO is seen as a financial problem. RMI has received external assistance of US $ 60 million (approximately 6.3 billion yen) annually from the United States as a compensation that a hydrogen bomb experiment was done in the sea area of ​​RMI, but this grant will be 30 million dollars in 2023 It is scheduled to be reduced to 3.2 billion yen) and it is in financial crisis that it will lose one-third of the national budget within just 5 years. President Hilda Heine of RMI said, "The issuance of SOV is a historical moment for our RMI citizen, eventually we will use our issued currency with the US dollar, which clearly shows the freedom of the state It is one step to make it. "


RMI plans to allocate 20% of the funds issued by SOV to medical care for citizens affected by nuclear tests, distribute 20% directly to citizens and market them as "ordinary money" It plans to circulate it. Furthermore, 10% will be used as a countermeasure for the climate change problem and the remaining 50% will be accumulated as the RMI National Trust Fund.