SINGAPORE, Sept 11 (Bernama-BUSINESS WIRE) — The Republic of the Marshall Islands (RMI) is moving ahead with its blockchain-based national currency, the Marshallese sovereign (SOV). The next step, announced today at the Invest: Asia cryptocurrency conference in Singapore, will be to introduce the sovereign in a highly visible way before the circulation in the Marshall Islands is initiated. Specifically, the currency will be introduced through a sale over an extended period of time in a Timed Release Monetary Issuance (TRMI). The units sold during this introductory period are intended to be exchanged for the Marshallese sovereign once it is officially launched. The TRMI units are to be released continuously in equal daily allotments via auctions.
The bulk of the proceeds will be placed in trust funds focused on key challenges for the Marshall Islands, such as combating climate change and mitigating the ongoing health crisis caused by nuclear testing at Bikini Atoll.
