Join the BitcoinNews Telegram channel for daily updates >>LINK

Marshall Islands Defies IMF with SOV National Crypto Development Fund

Support free writers: > send a tip

written by

The Republic of the Marshall Islands has announced the establishment of a development fund that will directly support the development of the SOV, a planned national cryptocurrency for Marshall Islands.

This is despite thinly-veiled threats from the International Monetary Fund (IMF) that banks may choose to stop working with the tiny island nation should they choose to go ahead with its plans to wean itself off the US dollar.

In a press release, the state-established non-profit SOV Development Fund has been mandated to support the government in establishing, implementing and maintaining the SOV, which will be the nation’s digital legal tender.

Minister in Assistance to the President, David Paul, had addressed the Blockchain for Impact Summit at the United Nations Headquarters in New York, explaining how 30% of the token’s initial supply would be endowed to the fund:

“We are designing SOV in a way that will not place any burden on the government’s finances. The currency funds itself.”

Dr Peter Dittus, Chief Economist for SOV and former Secretary General of the Bank for International Settlements (BIS) further explained the fund’s mandate:

“… to maintain the SOV infrastructure long term; to seed the ecosystem around the SOV; to promote the SOV and its uses, both domestically and internationally; [and] to smooth the volatility… by selling and buying SOV against USD.”

The fund hopes to be fully independent, overseen by a seven-member board of directors. Two each will nominated by the state, a company called SFB Technologies, which will develop the token infrastructure. These four will then appoint three further directors from internationally recognized experts in blockchain, banking, and monetary management.

The press statement says that after the establishment of the national crypto, it will transition to a blockchain-based model of alternative governence, Once the blockchain and currency were established, the goal is to transition to an alternative governance model based on blockchain.


Follow on Twitter: @bitcoinnewscom

Telegram Alerts from

Want to advertise or get published on – View our Media Kit PDF here.

Image Courtesy: Pixabay

Help spread this article :) is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of 


Read More Bitcoin News


Join our Newsletter

Video of the Week


Latest on Bitcoin News

Join our Newsletter