Non-profit organization deployed on Marshall Islands to monitor national digital currencies

marshall islands SOV development fund

A special non-profit organization has been set up in the Marshall Islands to oversee the digital legal tender of the Pacific.

This digital coin has been given the name Sovereign (SOV).

SOV development fund

The non-profit organization has been given the appropriate name ‘SOV development fund’.

This entity will develop, implement and maintain the infrastructure for this currency.

Both the national and international use of the SOV are expected to be promoted through the designation of this entity.

In addition, an environment on the Marshall Islands will be created that is conducive to the growth of cryptocurrency-related industries.

Board of Directors

To ensure that everything runs smoothly, a board of 7 members will be deployed.

Of these 7, 2 will be nominated by the government, and 2 by SFB Technologies.

SFB Technologies is a company that has been hired by the government to help develop the SOV infrastructure.

The remaining 3 members that remain will be designated on the basis of a list of nominees.

30% of circulating assets

To be able to finance everything, the non-profit organization will have 30% of the circulating digital assets.

These digital assets were announced last year as the national cryptocurrency.

In addition, the government wants to build an alternative control model based on the blockchain.

The technological solutions for this are still under investigation.

About Sanjay Mallick 30 Articles
Sanjay joined NOBLE in 2019, but had already built up extensive writing experience at other news outlets before. He has a preference for everything tech as well as gaming, he likes especially RPGs and sports games. In his free time he enjoys cooking for his friends and family.

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