On the 28th of February, two government official of the Republic of Marshall Island told Bloomberg that the Island nation will launch its own cryptocurrency with a complete Initial Coin Offering (ICO) and free trading regime.

One of the two officials is House Speaker Kenneth Kedi who said that the nation’s parliament had endorsed the creation of a cryptocurrency which is to be called Sovereign (SOV). The Republic of Marshall Islands currently makes use of the US Dollar as its official legal tender. The SOV is expected to be used alongside the US Dollar after its release. Kedi tells Blomberg that the SOV is to be distributed through an ICO process.

David Paul, Minister-in-Assistance to the President told Bloomberg that the new national cryptocurrency is to be launched before the close of the year 2018. He says the coin will be developed with the long term need of the country in focus.

This move by the Marshall Island comes after countries like Venezuela have launched their own national cryptocurrency (Petro). The Island nation has a population of 53,000 citizens as such the SOV will address a much smaller need as compared to Venezuela’s with a population of 32 Million citizens.

The Country’s President says;

“This is a historic moment for our people, finally issuing and using our own currency, alongside the USD. It is another step of manifesting our national liberty”