Tangem, a Switzerland-based 'smart card' wallet manufacturer will reportedly issue physical banknotes for the Sovereign, the state digital currency of the Marshall Islands, according to an announcement on Jan. 28.Per the announcement, physical representations of the digital currency will purportedly ensure that citizens have "Fair and equal access to their digital currency, whether or not they have internet connection." The firm states that a physical SOV will be a "Controllable mechanism" for issuing the currency by the Marshallese government.
Minister David Paul, Minister-in-Assistance to the President of the Marshall Islands, stated, "Tangem will help us ensure all citizens, including those living on more remote outer islands, are able to easily and practically transact using SOV.".
Tangem states that each note will contain a blockchain-enabled microprocessor which will "Combine the familiar advantages of paper banknotes with the security of blockchain technology." The firm issued physical representations of digital currency in May 2018, when it produced 10,000 physical Bitcoin banknotes of various denominations in a pilot program.
In February 2018, the Republic of the Marshall Islands first announced that it would release its own cryptocurrency complete with an Initial Coin Offering and free trading.
Two government officials said that, once issued, the Sovereign will circulate alongside the nation's other official currency, the United States dollar.
The idea of issuing a national cryptocurrency became a controversial topic within the country and with international organizations like the International Monetary Fund.
In August 2018, the IMF urged the Marshallese government to reconsider issuing the Sovereign, saying that it could pose risks to the country's financial integrity and relationships with foreign banks.
Marshallese President Hilda Heine's support for the Sovereign led to a vote of no confidence in the country's parliament, the Nitijela.
While the parliament had initially backed the creation of a national digital currency, critics of the president declared that the proposed plan for a state-backed digital currency could harm the country's reputation.
The president reportedly told the parliament that the attempt to overthrow her was a "Referendum about our own politics," and hailed plans for the Sovereign as a "Historic moment for our people."
Swiss Wallet Firm to Produce Physical Banknotes for Marshall Islands Digital Currency
gepubliceerd op Jan 29, 2019
by Cointele | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.