After releasing an essay about its national crypto project at the beginning of this month, the RMI (Republic of the Marshall Islands) has now announced the TRMI (Timed Release Monetary Issuance) of its SOV (Marshallese Sovereign). The RMI plans to launch the sovereign with greater visibility before the beginning of its circulation process in the Islands. The RMI made an official announcement on September 11, 2019, at the cryptocurrency conference titled ‘Invest: Asia’, held in Singapore.
For those who came in late, SOV is the government-issued cryptocurrency created on the specifically built blockchain. At present, USD is used as the RMI currency, and it will remain in circulation and use in the Islands even post the SOV launch. However, the RMI will have the Marshallese Sovereign as its official legal tender.
According to the reports, the RMI will unveil the currency via a sale for the course of an extended period in a TRMI. The number of units sold through this introductory timeline is meant to be changed for the SOV, once it gets unveiled officially. These TRMI units will be continuously released through auctions in equal allotments every day, per the announcement.
The announcement also revealed that the SOV’s compliance features are strong, thanks to its blockchain. While the user privacy protection holds utmost importance for the authorities; the ability to carry out SOV transactions will be granted only to the verified users.
Those who are interested can pre-register for the Issuance at the SOV Development Foundation’s website. This website also features thorough information on the SOV, its white paper, and the foundation.
David Paul, the Environment Minister as well as Minister-in-Assistance to the RMI’s President, provided more information on the sovereign. He said that it is fair, sustainable, simple, and safe. Moreover, they intend to grow its supply at the rate of 4% per year that will preserve its value, while eliminating the ability to print money.
The minister also said that blockchain alters everything. Explaining further, he was quoted as saying,
Blockchain won’t just let us create our own money for the first time – the sovereign is a new kind of money, one which enshrines our Marshallese values.
In addition to that, the minister also highlighted the fact that the SOV is much more secure when compared to a standard currency. It also reduces the burden of compliance, especially for governments like the RMI. To top it all, it will also let them combat global issues such as terror financing and money laundering.
What’s interesting is, the authorities will be fixing the SOV supply growth algorithmically. Furthermore, all the eligible holders of the SOV, including the Marshallese inhabitants, will receive the newly developed SOV automatically. An equal share of 10 percent of the primary currency supply will also be given to Marshallese citizens. The minister exclaimed that,
This is something which no other government has done, made possible by blockchain.