Marshall Islands has finally reached its plan to launch its own cryptocurrency. As a sign of their serious passion for digital tokens, the small nation invites blockchain expert Steve Tendon to join the team.
Marshall Islands Introduces Sovereign (SOV) Coin
In 2018, Marshall Islands, a group of islands located in the Pacific Ocean, decided to join the crypto hype and launched their own crypto called Sovereign (SOV).
Although this decision made a lot of intriguing comments around the world, the nation still pushed their plan; resulting on hiring one of the well-known blockchain expert, Steve Tendon.
Steve Tendon is known in the crypto world as the head of blockchain firm called ChainStrategies. Aside from this, Tendon was remarked as the government helper since he was the Malta’s Founder and President of the Blockchain Malta Association.
In effect, Malta is now recognized as the ‘Hub of the Cryptocurrency World.’
Steve Tendon As The New Crypto Advisor
This factor made Tendon as the official crypto advisor of Marshall Islands. According to the SOV’s Medium account– wherein the announcement was first made, Tendon would be responsible for a number of tasks related to cryptocurrencies. These tasks solely focuses on assisting and helping Marshall Islands government with “the drafting, design, and issuance of their new cryptocurrency.”
Although SOV is not yet live in the market, once the crypto is launch, Marshall Islands will be recognized as the first country in the world to choose crypto over fiat currency.
Still A Working Progress
Even this sounds great for the crypto market, a lot of citizens from Marshall Islands worries about their financial status in the country. As reported in Bloomberg, the country’s Foreign Minister John Silk stated:
“At the end of the day, when it comes to the choice between whether you want to continue the correspondent banking relationship or have a SOV, personally, I’d want the banking relationship,” Silk says.
Since the nation seems to risk almost everything in exchange with their own crypto coin, the option of hiring an expert in order to help with the formulation of SOV is a terrific idea for Marshall Islands.
Two Experts In One
In relation to this, the nation also hired Peter Dittus– the former Secretary General of the Bank for International Settlements– as the Chief Economist in the country.
“Steve is one of the foremost experts in blockchain technology and regulations. [He] will assist with the drafting and designing of regulations to develop a blockchain financial services economy out of the Marshall Islands,” Dittus said about Tendon.
With the help of the two experts in the field of blockchain, people are hoping for Marshall Islands to step up on their game and successfully aim their target.