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The Republic of the Marshall Islands has announced that the blockchain expert Steve Tendon is advising and assisting the country in drafting, designing and issuing SOV, the digital legal tender of the Marshall Islands and the economy that flows from it.
"With Steve working alongside Neema, we are approaching every day to support the Marshall Islands with the issuance of the first digital legal tender currency and the launch of a financial services economy around," he said Peter Dittus, chief economist for SOV.
Dittus is the former general secretary of the Bank for International Settlements (BIS).
The Marshall Islands are working to issue their digital currency in order to address the environmental and financial challenges facing as a small and vulnerable island in the Pacific.
By opening their islands to the entire blockchain economy, the Marshall Islands intend to become a cryptogene power plant, linking the blockchain with traditional banking services.
"Steve is one of the leading experts in blockchain technology and regulations," said Dittus. "He will assist in drafting and designing regulations to develop an economy of blockchain financial services from the Marshall Islands".
The SOV is the first decentralized digital currency to have legal tender of a sovereign nation. Once issued, the SOV will become part of the US dollar as the official currency or legal tender currency of the Republic of the Marshall Islands (RMI).
Based on blockchain technology, SOV is a decentralized digital currency that enables rapid and cost-effective global transactions to prevent abuse by bad actors.
Tendon is the CEO of TameFlow Consulting / ChainStrategies, a consulting firm that provides research, analysis and strategic development for companies that need to adopt or switch to blockchain technologies.
Senior consultant, consultant, speaker and author, his research and consulting work focuses on the use of emerging technologies – and in particular blockchain technologies – to improve business performance.
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