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Marshall Islands' Digital Currency To Be Developed On Algorand Blockchain

Ramsey Baker

Summary: The Marshall Islands’ have chosen to develop their national digital currency, the Marshallese sovereign (SOV), on the Algorand blockchain. Algorand announced the news on Monday, stating that SFB Technologies, the appointed organizer for the SOV initiative, went with Algorand for its speed, scalability and security. The Marshall Island originally had plans to create the SOV ...

The Marshall Islands’ have chosen to develop their national digital currency, the Marshallese sovereign (SOV), on the Algorand blockchain.

Algorand announced the news on Monday, stating that SFB Technologies, the appointed organizer for the SOV initiative, went with Algorand for its speed, scalability and security.

The Marshall Island originally had plans to create the SOV in February 2018, when it passed a law to that made the digital currency the new legal tender. The island nation is looking for digital currency to lessen their dependence on the U.S. dollar, its official currency, with the launch of SOV.

By Ramsey Baker

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