The Marshall Islands will soon circulate physical banknotes representing the world’s first decentralized national digital currency. This is happening under an agreement with Tangem, a Swiss maker of blockchain-enabled smart card wallets for cryptocurrencies. “We are excited to partner with the Republic of the Marshall Islands to do something that has never been done before: issue a digital currency as official legal tender,” Tangem co-founder Andrey Kurennykh gushed in a statement. Smart Card with Microchip and NFC Antenna The physical banknotes will take the form of a smart card powered by a blockchain-enabled microprocessor. Tangem says its technology enables users to
The Marshall Islands’ plan to issue a sovereign cryptocurrency, dubbed ‘the Sovereign’ (SOV), appears to be progressing, with the Oceanic nation announcing that it will work alongside Steve Tendon, a former adviser to the Maltese Office of the Prime Minister regarding blockchain policy, in developing the virtual currency.
Marshall Islands’ Sovereign Cryptocurrency Team Revises Strategy for 2019
The team working to launch Malta’s anticipated national cryptocurrency has published two documents seeking to articulate the project’s roadmap for the new year.
The post Cryptocurrency SOV to be released as Marshall Islands president survives no-confidence vote appeared first on CoinReport.
This Pacific Island may get its national cryptocurrency after all. Marshall Islands President Hilda Heine has eked out a no-confidence vote that threatened not only to derail her presidency but also the fate of the Sovereign (SOV), a national cryptocurrency spearheaded by her administration. According to the Nikkei Asian Review, President Heine blamed a “referendum about … Continued
The post Marshall Islands President Survives Crypto-Infused No-Confidence Vote appeared first on CCN
The International Monetary Fund (IMF), a global financial organization run by 189 countries, is against the proposal of the Marshall Islands to launch a sovereign digital currency by adopting crypto. As early as September 10, the IMF criticized the finalized plans of the Marshall Islands of creating a national cryptocurrency, citing potential money laundering, financial
The post Why the IMF is Trying to Stop Marshall Islands From Adopting Crypto appeared first on CCN
Dr. Hilda Cathy Heine, President of the Marshall Islands, is facing a political attack for her support of a planned national cryptocurrency. If the move is successful, it may dissuade other leaders from opening up to the new technology opposed by the IMF.
No Confidence in SOV
On Monday, eight Marshallese senators introduced a motion of no confidence against President Heine for her backing of a national digital coin. The Sovereign (SOV) was announced back in February of this year, promoted by the team behind Israeli remittances startup Neema.
Marshall Islands President Hilda Heine is under fire and is facing a vote of no confidence amid a bold plan led by her administration to introduce a national cryptocurrency dubbed the Sovereign (SOV). The vote will reportedly occur next week after a group of eight senators including Senator Casten Nemra introduced the motion on Monday with
The post Marshall Islands President Faces No Confidence Vote amid Plans for a National Cryptocurrency appeared first on CCN
The International Monetary Fund (IMF) has expressed misgivings about the plan to offer a national cryptocurrency by the Marshall Islands, saying that this would “increase macroeconomic and financial integrity risks, and elevate the risk of losing the last U.S. dollar correspondent banking relationship.” In February, CCN reported that the parliament of the Republic of Marshall
The post IMF Doesn’t Like Marshall Islands’ Plan for (Non-USD) ‘Sovereign’ Cryptocurrency appeared first on CCN
Bitcoin ATM’s allow users to purchase and manage Bitcoin wallets through physical outlets that are becoming more common across the world. Bitcoin ATM’s can be installed anywhere you’d expect to see a traditional cash machine, be that in shops, bars or even on high streets.
The roll out of these machines is being managed by a Greek group by the name of Thess Cash Hellas. Thess Cash Hellas will oversee the installation of these new machines across the country.
In the world of cryptocurrency, controversy is not all that difficult to come by. This is especially true when it comes to exchanges and trading platforms which share client information with the government. After the recent Coinbase-IRS debacle, it now seems Bitfinex is handing over a lot of customer information to the authorities as well.
Bitfinex Stirs the pot
While there are good reasons for a cryptocurrency exchange to be in active talks with a government, developments like these usually cause some negative backlash. In the case of Bitfinex, it seems the company is actively cooperating with the government of the British Virgin Islands. This move is the direct result of allegations that cryptocurrency had been used for tax evasion purposes, among other nefarious activities.
The cryptocurrency community is full of entrepreneurial people who think they can change the world. From challenging financial and tech giants to attempting to establish sovereign micro-nations, nothing is beyond their reach. A recent example shows they can even successfully convince countries to issue their own cryptocurrency.
How a Coin Is Born
The team behind Neema, an Israel-based remittances startup, has given interviews to various Israeli financial press about their involvement in the creation of the upcoming Marshall Islands cryptocurrency, Sovereign (SOV).
The Marshall Islands is set to create the first ever legal tender issued as a cryptocurrency, the Sovereign (SOV).
Sovereign Currency for a Sovereign Nation
The decision comes straight from the sprawling chain of over 1,1000 volcanic islands’ parliament, who have declared that Sovereign (SOV) will be exchanged and distributed as a digital coin.
The Marshall Islands — a sovereign nation located halfway between Hawaii and Australia — currently use the United States dollar (USD), despite being a sovereign nation. However, the country will still continue to use the USD as the SOV will initially be created as a supplementary currency.
The Republic of the Marshall Islands (RMI), an island country located near the equator in the Pacific Ocean with a population of about 50,000, is poised to become the first sovereign nation to issue a cryptocurrency that will be legal tender.
The new currency is called “Sovereign” with the symbol “SOV.” The SOV, which will be distributed to the public via an Initial Currency Offering (ICO), will circulate as legal tender in the country, alongside its current local currency, the U.S. dollar.
Y-combinator Israeli fintech startup Neema is partnering with RMI to issue the SOV, starting with a presale that will be followed by an ICO later this year.
SINGAPORE, 2 FEB 2018 – Selected for Investors Award out of 16 other ICOs, the world’s first Blockchain & A.I. driven marketplace from dating, courtship to marriage, Viola.AI celebrates the 3rd place win at the biggest ICO Pitching Competition at Cayman Islands on 30 January 2018, organized by d10e, the leading conference on decentralization.
The judging of the pitching competition is based on 5 criteria – (1) Business model & scalability, (2) Team, (3) Investor terms and liquidity, (4) Solution of the problem, (5) Token model/token and proceeds distribution. CEO and Co-Founder of Viola.AI, Violet Lim took the stage and delivered her pitch before a panel of judges from the Blockchain Investors Consortium.