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.
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.