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  HOME | Business & Economy (Click here for more)

Marshall Islands in South Pacific to Issue Its Own Cryptocurrency

SYDNEY – The Marshall Islands, a small nation in the South Pacific, will issue its own cryptocurrency that can be used legally, like the United States dollar, in the national territory, government sources confirmed to EFE on Thursday.

The cryptocurrency approved by the Parliament of the Marshall Islands at the beginning of the week has been named Sovereign with the acronym SOV, the sources said.

Marshall Islands, with less than 70,000 inhabitants and considered one of the European Union’s tax havens, plans to issue the first virtual currencies this year.

The island nation is not the first country to embrace the idea of cryptocurrency, as Venezuela created its own digital currency called the Petro and has backed it with 5.3 billion barrels of crude oil.

 

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