There have been new from the Marshal Islands detailing the government’s employment of a certain non-profit organization in order to facilitate the implementation of their new digital legal tender call the Sovereign, or SOV for short.
The NGO will be called the SOV Development fund and will solely oversee the infrastructure of the project and the smooth and fast development in the nearest future.
According to the government’s press release, they expect the fund to promote the usage of the SOV both on the domestic level as well as international, in order to drive further traffic and increase the coin in the price.
The government didn’t say if it wants to completely replace their local currency with SOV, but it does seem to be a lot more forgiving to the blockchain than many others.
What will be available though, is the purchasing and selling of SOV against the US Dollar.
How will the project operate?
Naturally, the board will have to consist of at least some members of the government authorities, but the good news is that they will not hold the majority.
The board will contain exactly seven members, two of which will be nominated from the government and two more will be from the company that has been commissioned to build the blockchain system, called SFB Technologies.
According to SFB, once the project has been completed and launched, the fund will add four more executives to the board. The SOV will act as legal tender right alongside currencies such as the United States Dollar.
The SOV Development fund will also be given 30% of the overall circulating SOV in order to fund all of the operations required to launch the product.