The Marshall Islands’ plan to issue a sovereign cryptocurrency, dubbed ‘the Sovereign’ (SOV), appears to be progressing, with the Oceanic nation announcing that it will work alongside Steve Tendon, a former adviser to the Maltese Office of the Prime Minister regarding blockchain policy, in developing the virtual currency.
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Marshall Islands’ Sovereign Cryptocurrency Team Revises Strategy for 2019
The team working to launch Malta’s anticipated national cryptocurrency has published two documents seeking to articulate the project’s roadmap for the new year.
With regard to the ongoing cryptocurrency bear trend, the SOV team asserts that it is shifting its strategy from “attracting standard investors” to “forging partnerships with powerful allies that have a vested interest in seeing that sovereign crypto money succeeds.”
Elaborating further, the team predicts that sovereign countries will “play a major role in the future of crypto markets,” adding that “the blockchain that facilitates the first sovereign crypto money will be well positioned to achieve market dominance.” As such, the SOV team will seek to establish 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 team also sought to reaffirm its commitment to launching the SOV during 2019.
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