The Marshall Islands will issue its own cryptocurrency that will be circulated as legal tender along with the U.S. dollar, according to one of the remote Pacific republic’s top officials.

The new currency will be called SOV and its legal tender status has been approved by the country’s parliament, said David Paul, minister-in-assistance to the president of the Marshall Islands, in an interview with Reuters late on Tuesday.

“This is the way of the future,” said Paul. “As a country, we reserve the right to issue a currency in whatever form it is, whether in digital or fiat form.”

Plans for possible sovereign cryptocurrencies have gained momentum in recent months, as digital tokens launched by private companies have jumped in value. Several governments, including China, Estonia, and Iran, have discussed plans for their own digital currency.

Venezuela, meanwhile, has gone ahead with a new digital token called the petro, backed by oil. It raised about $735 million on the first day of its presale earlier this month but is not expected to attract significant investment.

full article on Reuters

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