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Marshall Islands has finally reached its plan to launch its own cryptocurrency. As a sign of their serious passion for digital tokens, the small nation invites the blockchain expert Steve Tendon to join the team.
Marshall Islands presents sovereign currency (SOV)
In 2018, Marshall Islands, a group of islands located in the Pacific Ocean, decided to join the cryptic advertising campaign and launched its own cryptography called Sovereign (SOV).
Although this decision has sparked many intriguing comments around the world, the nation has still pushed their plan; with the hiring of one of the well-known blockchain experts, Steve Tendon.
Steve Tendon is known in the cryptic world as the leader of the blockchain firm called ChainStrategies. Beyond that, Tendon has been considered the help of the government since he was the founder and president of the Malta Blockchain Association of Malta.
Indeed, Malta is now recognized as the "hub of the cryptocurrency world".
Steve Tendon is the new Crypto consultant
This factor has made Tendon the official encrypted consultant of the Marshall Islands. According to the SOV's Medium Account, in which the announcement was made for the first time, Tendon is responsible for a series of cryptocurrency tasks. These activities focus exclusively on assistance and assistance to the government of the Marshall Islands with the "drafting, designing and issuing of their new cryptocurrency".
Although SOV is not yet on the market, once the encryption is launched, the Marshall Islands will be recognized as the first country in the world to choose cryptocurrency over the legal currency.
Still a work progress
Although this sounds fantastic for the encrypted market, many citizens of the Marshall Islands are worried about their financial status in the country. As reported in Bloomberg, Foreign Minister John Silk said:
"At the end of the day, when it comes to the choice between whether you want to continue the corresponding banking relationship or have an SOV, personally, I would like the banking relationship," Silk says.
Since the nation seems to risk almost everything in exchange for its cryptographic currency, the option to hire an expert to help with the formulation of SOV is a formidable idea for Marshall Islands.
Two experts in one
In relation to this, the nation also hired Peter Dittus – the former Secretary-General of the Bank of International Settlements – as chief economist of the country.
"Steve is one of the leading experts in blockchain technology and regulations. [He] I will assist with drafting and designing regulations to develop an economy of blockchain financial services from the Marshall Islands, "said Dittus on Tendon.
With the help of the two blockchain experts, people hope the Marshall Islands can intensify their game and successfully achieve their goal.
