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New fund to be launched for Marshallese digital currency

The Republic of Marshall Islands (RMI) will set up a fund to help develop its pioneering sovereign digital currency. Work on RMI’s government-backed digital coin or SOV, which will use blockchain technology, is now into its second year. To be funded solely by SOV, the new not-for-profit SOV Development Fund “will be responsible for maintaining the SOV network in the long term, seed the ecosystem in the long term, promote the usage of the SOV both domestically and internationally and smooth the volatility of the SOV by selling and buying against the us dollar,” says David Paul, head of SOV project and RMI’s Minister-in-Assistance to the President.

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