By CCN Markets: Facebook’s unveiling of Libra, its cryptocurrency project coming in 2020, has caught the attention of many, including the French Finance Minister. Bruno Le Maire, speaking on French Radio, has said that this new cryptocurrency cannot operate as a sovereign currency. Facebook’s Libra project intends to introduce a digital currency for usage on its platforms. However, this is raising several economic issues. Concerns on its regulation, and the status of this currency, are up for debate with Le Maire giving some stern warnings. Stern Libra warning With its reach of over 2.3 billion users, Facebook’s cryptocurrency could well call
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 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
Hyperinflation in Venezuela is so bad, the nation’s Central Bank has released an Android app to help citizens calculate how many new sovereign bolivar units they possess. The release arrives after the national government re-denominated the old currency last week.
As hyperinflation mounts in Venezuela, the national government seems to be staking nearly all it has on the ‘Petro’ virtual currency.
Earlier in August, President Nicholas Maduro announced a new exchange rate for the country’s bolivar, which was pegged to the Petro. Maduro said one Petro would be worth $ 60 U.S. Dollars, and equate to 360 million bolivars — essentially devaluing the national currency by 96%.
Swiss voters will decide this Sunday whether to turn back on fractional-reserve banking and support a “sovereign money” concept for the nation’s finances. Proponents of the initiative prescribe deeper centralization to remedy the shortcomings of the traditional financial system – a vision quite different from the decentralization that came with cryptocurrencies like bitcoin, following the 2008 global financial crisis. In today’s Bitcoin in Brief, we also cover a statement by a prominent Russian banker who warns that tight crypto regulations would hamper the development of blockchain technologies.
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.