The Marshall Islands’ plan to concern a sovereign cryptocurrency, dubbed ‘the Sovereign’ (SOV), seems to be progressing, with the Oceanic nation asserting that it’s going to work alongside Steve Tendon, a former adviser to the Maltese Office of the Prime Minister concerning blockchain coverage, in growing the digital forex.
Marshall Islands’ Sovereign Cryptocurrency Team Revises Strategy for 2019
The crew working to launch Malta’s anticipated nationwide cryptocurrency has printed two paperwork searching for to articulate the mission’s roadmap for the brand new 12 months.
With regard to the continued cryptocurrency bear pattern, the SOV crew asserts that it’s shifting its technique from “attracting standard investors” to “forging partnerships with powerful allies that have a vested interest in seeing that sovereign crypto money succeeds.”
Elaborating additional, the crew predicts that sovereign international locations will “play a major role in the future of crypto markets,” including that “the blockchain that facilitates the first sovereign crypto money will be well positioned to achieve market dominance.” As such, the SOV crew will search to determine partnerships with “a handful of those powerful and well-capitalized blockchain platforms” to “provide a strong anchor for a coalition around the Marshall Islands.” The crew additionally sought to reaffirm its dedication to launching the SOV throughout 2019.
Marshall Islands to Work With Steve Tendon to Launch SOV
In an article just lately posted by the official Medium account of the SOV, the mission introduced that it will be working alongside Steve Tendon to develop and launch the Sovereign. Tendon is the managing director of consulting corporations Chainstrategies and Tameflow Consulting, and is the previous strategic adviser for Malta’s Ministry of Economy.
While working with the Ministry of Economy, Tendon was credited with growing Malta’s “Blockchain Island” technique and National Blockchain Strategy. Tendon was subsequently appointed to the place of Strategy Lead to Malta’s National Blockchain Task Force, the place he suggested the Financial Services, Digital Economy and Innovation Office of the Prime Minister in executing distributed ledger know-how coverage.
To acknowledge his companies, Tendon was bestowed with the Malta Blockchain Awards’ “Outstanding Contribution to the Blockchain Island” in 2018.
Marshall Islands Seeks to Become Cayman Islands of Crypto
According to the crew, the mission’s builders “envision the Marshall Islands evolving in a similar way to the Cayman Islands,” a territory which at present incorporates “75% of the world’s hedge funds” despite having a small inhabitants that’s corresponding to that of the Marshall Islands.
The SOV crew claims to be searching for to develop an identical financial “ecosystem” within the Marshall Islands, which they hope “will attract existing and new banks, exchanges, and startups to operate physically and virtually from the Marshall Islands and grow a new industry there with a friendly and inviting regulatory framework, served with a native sovereign cryptocurrency.”
Do you suppose the Marshall Islands will reach changing into the primary nation to concern a sovereign cryptocurrency? Share your ideas within the feedback part beneath!
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