Marshall Islands Announces Fund Development For Its Local Cryptocurrency

As you may know, not so long ago the Republic of the Marshall Islands announced the establishment of Sovereign coin (SOV), a national coin that currently being under active development.

Recently, the government has announced that they have also formed a SOV Development Fund in order to enhance the establishment of the cryptocurrency. SOV Development Fund is a newly-formed Marshallese not-for-profit organization. The Fund’s task is to support the authorities in the establishment, maintenance and enforcement of the SOV, the Marshall Islands’ digital cryptocurrency.

Dr. Peter Dittus, chief economist for SOV and former secretary general of the Bank for International Settlements announced the following statement:

"The SOV Development Fund’s mandate is to maintain the SOV infrastructure long term. It will also aim to seed the ecosystem around the SOV, promote – both domestically and internationally – the SOV and to smooth the volatility of the SOV by selling and buying SOV against USD."

SEVEN DIRECTORS

The SOV Development Fund will be absolutely autonomous, with a board of seven directors. Two directors will be named by the government of the Marshall Islands, and two will be appointed by SFB Technologies, the company engaged by the government to create SOV’s sufficient blockchain infrastructure. The aforesaid four directors will then appoint three further directors to the board.

Majority votes will be required for all important decisions in order to ensure the SOV development fund operates with forethought and stability and follow its goals. Once the SOV is established, the purpose is to transfer to an alternative governance model fully based on blockchain.

With the intention to motivate the SOV Development Fund it will be supplied with 30% of the SOV’s initial funds.

Read our blog to keep abreast of all actual crypto news.