Entering cryptocurrency in the Marshall Islands Joel Telpner (head of the Marshall Islands cryptocurrency development program) reported on measures taken by the government to introduce a state digital currency.
Joel Telpner reports that introducing a national cryptocurrency will help the island government respond quickly and easily to possible dangers. He also noted that in the context of the coronavirus pandemic, the program proved to be excellent, but there are still many obstacles for its full launch. As you know, in the early spring of 2020, on the Marshall Islands, they decided to produce their own national cryptocurrency SOV based on the Algorand blockchain. The program has been preparing for 18 months and in the initial testing version the currency was called preSOV.
“This half year period allowed us to release preSOV in stages. While the first version is just entering the market, we can try out the blockchain itself. We will study all issues from regulators and polish the technology. ” It is assumed that residents will be able to use the preSOV version in the coming months, and after it will be replaced by a fully-fledged state-owned cryptocurrency SOV. The project manager noted that there are still many shortcomings.
“Imagine how more correctly and efficiently the state will be governed if we have a cryptocurrency combined with sovereign equality. It will allow authorities to instantly receive payments from the public, including tax, ”said Joel Telpner.
