The Marshall Islands is on a separatist quest of epic proportions in a bid to free itself from the influence of the United States. During World War II, the US used the Marshall Islands – Bikini Atoll specifically – to test its nuclear weapons, leaving many residents of the islands with life-changing illnesses. In a bid to distance itself completely from the US, president Hilda Heine is pressing to create the country’s own cryptocurrency, so that it can finally drop the US Dollar as its official currency.
In a huge wave of support, Tangem – a Swiss company that produces smart banknotes – has teamed up with the government to produce the physical banknotes for the country’s cryptocurrency – the Sovereign (SOV).
Powerful New Technology Inside Every Note
Tangem’s notes contain the latest in microchip technology and allow for purchases to be made with the notes either by NFC or by simply handing the note over to the cashier. The notes can therefore be used as a form of cold storage, as they have multiple uses. Tangem will provide customer support, as well as the devices needed, for stores and businesses to accept the SOV.
IMF Fires Heavy Warnings
The International Monetary Fund (IMF) is obviously rather displeased by the fact the Marshall Islands wants to create its own currency. The IMF issued warnings to Heine and her government, saying that international aid will be harder to receive due to the few nations accepting the country’s new cryptocurrency. It also added that if it decided to go ahead and create its own cryptocurrency, the US would likely renege on its deal to allow the country to use the USD.
Vote of No Confidence Avoided
After announcing that she was ignoring the IMF and proceeding with creating a cryptocurrency, Hilda Heine was attacked with a movement for a vote of no confidence. Fortunately, Heine survived by a large margin in the end, and is pressing on with creating the SOV. 24 million SOV tokens will be produced, with a portion of these tokens being distributed to those affected by the nuclear radiation left from US activities during World War II.
This new partnership between Tangem and the government of the Marshall Islands will allow the SOV to be properly distributed and used easily. Transactions will be largely completed off chain, with on-chain transactions occurring when partial amounts of smart banknotes are used.