The “Sovereign” is the official cryptocurrency of the Marshall Islands, which the government has now made the nation’s official legal tender.
All 53,066 residents of the Marshall Islands will be affected in some way, even though the U.S. dollar is still expected to be accepted going forward.
For the crypto industry, this is an interesting development as the Sovereign will be launched through an initial coin offering and supply capped at 24 million tokens to prevent inflation.
Banks and credit card companies will have to begin accepting the Sovereign, so we’ll keep close tabs on further developments.
If a sovereign nation, not under sanctions, part of the UN has a legal tender in their country, the banks must support it. Here are some docs showing that Marshall Islands meets all criteria and has signed a bill in parliament creating the world's first sovereign crypto currency pic.twitter.com/Cf4eaJuODT
— Ran NeuNer (@cryptomanran) May 22, 2018