The concept of government-issued and controlled cryptocurrencies is picking up speed as more and more governments are taking an interest in the world of blockchains. Recently, the Republic of Marshall Islands(RMI) announced the news that they’ll be introducing their cryptocurrency called Marshallese sovereign(SOV).
The announcement was made at the Invest: Asia event where they announced the introduction would be done with the help of pre-sale for the tokens. The process is called Timed Release Monetary Issuance(TRMI) in which the tokens will be sold. Any user irrespective of their location can register for the pre-sale through the SOV Development Foundation website.
RMI minister David Paul informed the people that the registration process has begun and the sale if not happening yet. The tokens that people buy in the pre-sale can be exchanged later as one-for-one trade. The main reason behind this pre-sale is to get an idea of the market interest in the cryptocurrency and to get an idea of the levels of liquidity.
Paul and his fellow members in the development core of the non-profit SOV Development Foundation are concerned about the regulatory concerns surrounding the Marshallese sovereign(SOV) which are raised by other countries and organizations.
The International Monetary Fund(IMF) didn’t support the idea of launching a cryptocurrency as a legal tender as it could increase macroeconomic and financial integrity risks. Initially, the U.S. treasury was not supportive of the idea as well but recently, after discussions, they think the project could work. The hardest and the essential part is getting the regulators onboard with the launching of TRMI.