Marshall Islands to go ahead with world’s first decentralised national currency

Here’s a blockchain story on a different tack; the Marshall Islands is set to launch the world’s first decentralised national currency in association with smart card wallets producer Tangem.

Tangem has announced it will be issuing the physical banknotes of the sovereign (SOV) – and once it has been issued, will be a part of the official legal tender of the Republic of the Marshall Islands (RMI), along with the US dollar.

SOV is based on blockchain technology and allows fast, cheap, and global transactions while resisting the abuse by bad actors. The Tangem / SOV partnership will guarantee all citizens of the Marshall Islands have fair and equal access to their digital currency, irrespective of the fact that they have an internet connection or not.

Immediate transaction validation, zero fees and no Internet connection requirements for the end users will help Tangem banknotes to enable off-chain physical circulation of the SOV among all SOV holders and will not impose technical infrastructure burden on the Marshall Islands, stakeholders hope.

Every single Tangem card will form a unique physical banknote, equipped with a secure blockchain-enabled microprocessor and combine the familiar advantages of paper banknotes with the security of blockchain technology. These protected notes will be fully transparent, 100% secure, decentralised, and represent a controllable mechanism of currency issuance and circulation for the state, the company notes.

Earlier this month Tangem raised $15 million from Tokyo-based digital asset venture investment firm SBI Crypto Investment. In order to quickly deploy its technology in industries where secure storage and circulation of blockchain assets has the highest potential, the company has started attracting additional investment.

Picture credit: “The Marshall Islands – Majuro – Laura Beach #4” , by Stefan Lins, used under CC BY 2.0 / Modified from original

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  1. Pingback: Islas Marshall avanza con la primera moneda nacional descentralizada del mundo – Kaizenui

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