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The Marshall Islands' national digital currency will be based on the Algorand blockchain

The Marshall Islands' national digital currency will be based on the Algorand blockchain

The Marshall Islands (Marshall Islands) has chosen blockchain company Algorand as a technology partner for the national digital currency.

After revealing its own digital currency – Marshallese Sovereign (SOV), for the first time in February 2018, the Marx Islands was one step further in the development process by partnering with blockchain startups. Large Algorand.

The SOV supply will be algorithmically fixed to grow 4% per year

Follow notification On March 2, SFB Technologies, SOV's blockchain infrastructure development company, revealed that Marshallese digital currency will be based on Algorand technology. The Algorand protocol will be implemented to provide Marx's sovereign initiative with speed, scalability, security as well as mandatory compliance controls such as identity and compliance management platform, notice said.

In the statement, Algorand determined that the SOV will be circulated with the US dollar – the currency that is used as the official currency in the country, and helps the Marcan Islands operate effectively in the background. global economy. The national digital currency initiative will be controlled by the Marian government, while the SOV supply will be algorithmically fixed to grow at 4% per year to prevent inflation.

The SOV initiative is positioned as “the world's first national digital currency”

According to the previous information statement, the notice noted that SOV will be distributed via a pre-sale token. Specifically, the national digital currency will be introduced through a series of auctions as part of the currency issue – expected to begin this year, the notice noted.

Kenneth Kedi – Speaker at the RMI Parliament, expressed a positive view of this new technology partnership, saying that the addition of Algorand will strengthen the team behind the SOV initiative as well as develop more. half of the country's financial services industry.

According to the announcement, Marx's SOV will be “the first digital currency in the world”, because the coin represents a sovereign currency circulating along with the US dollar. In contrast to projects such as the Bahamian central bank's digital currency (CBDC) – called Project Sand Dollar, Marx's SOV will not only be a digitized version of the national fiat, but It is also an independent currency, a project spokesman told CoinTelegraph in an email.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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