The team behind Marshall Islands’ national cryptocurrency have announced major achievements in its progress, despite a difference of opinion in the government.

The team said it has been able to make “significant progress in finding partners, investors, and developers” for the coin, dubbed the Sovereign (SOV). The Sovereign token has also made a partnership with Tangem, a firm that specializes in smart banknotes. With its pace, the team expects to launch the coin within this year.

The Marshall Islands cryptocurrency project was announced by the tiny Pacific nation in February 2018. It currently uses the US Dollar as its national currency and the move has seen significant opposition from financial institutions around the world. International Monetary Fund (IMF), was particularly not in agreement of the move and said, “The potential benefits from revenue gains appear considerably smaller than the potential costs arising from economic, reputational, AML/CFT, and governance risks.” The US State Treasury was also vocal about its apprehensions.

Marshall Islands, though an independent country, is a small island nation that has close ties with the United States. The US conducted over 67 nuclear tests from 1946 to 1958 over there.

It is not the first country to consider a national cryptocurrency. However, it is facing immense pressure locally on both sides of the fence. In November, President, Hilda Heine survived being removed from the office through a vote of no confidence. The other extremity has seen the pro national crypto officials hire Steve Tendon, the founder and president of Blockchain Malta Association.

The national team of Marshall Islands is led by another pro crypto persona. Dr Peter Dittus is the chief economist of the project and is the former Secretary General of the Bank for International Settlements.

 

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