By Nir Yaacobi, SOV Development Foundation board of advisors

Sovereign (SOV) is a blockchain-based currency which is about to become the new legal tender of the Republic of the Marshall Islands (RMI), following the Sovereign Currency Act 2018 adopted by the Marshallese parliament.

Unlike other blockchain-based currencies such as Bitcoin, Ethereum, Facebook’s Novi/Libra and many more, all of which face various regulatory issues, SOV is a national currency of a sovereign country. It therefore complies with all banking regulation and is subject to international treaties. However, unlike other national currencies, SOV monetary policy is governed by an algorithm rather than by a central bank. This monetary policy is centered first and foremost on a deterministic money supply, starting with an initial offering of 24M SOV and then 4 per cent monetary growth each year. …

SOV Foundation

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