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According to a statement released on January 28, Tangem, a Swiss-based smart card-based wallet manufacturer, would issue physical banknotes for Sovereign (SOV), the national digital currency of the Marshall Islands.
According to the announcement, the physical representations of digital currency allegedly guarantee citizens "fair and equal access to their digital currency, whether or not they have an Internet connection". The company says that a physical SOV will be a "controllable mechanism" for issuing currency by the Marshall government.
Minister David Paul, Minister of Assistance to the President of the Marshall Islands, said: "Tangem will help us ensure that all citizens, including those living in remote and more remote islands, are able to easily and practically treat with SOV. "
According to Tangem, each ticket will contain a blockchain-enabled microprocessor that "combines the well-known advantages of paper banknotes with the security of blockchain technology". ) tickets of different denominations as part of a pilot program.
In February 2018, the Republic of the Marshall Islands announced for the first time its intention to publish its own cryptocurrency, which would include an initial offer of coins (ICO) and free trade. Two government officials said that once issued, the sovereign would circulate alongside the other official currency of the country, the US dollar.
The idea of issuing a national cryptocurrency has become a controversial topic within the country and with international organizations such as the International Monetary Fund (IMF). In August 2018, the IMF urged the Marshall government to reconsider the Sovereign issue, saying it could pose risks to the country's financial integrity and its relationship with foreign banks.
The support of the President of the Republic of Marquise, Hilda Heine, led to a vote of no confidence against the country's parliament, Nitijela. While parliament initially backed the creation of a national digital currency, the president's critics said the proposed plan for a state-backed digital currency could hurt the country's reputation.
Heine survived the censorship vote of November 2018, with the Nitijela split in 16-16. The president reportedly told parliament that the attempt to overthrow it was a "referendum on our own politics" and praised the sovereign's plans as "a historic moment for our people".
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