Will the Marshall Islands issue its own cryptocurrency?

NEW YORK (Reuters) - The Marshall Islands will issue its own cryptocurrency that will be circulated as legal tender along with the U.S. dollar, according to one of the remote Pacific republic’s top officials.

What is the sovereign currency of the Marshall Islands?

In 2018, the Republic of Marshall Islands passed the Sovereign Currency Act, which made it the first country to issue their own cryptocurrency and certify it as legal tender; the currency is called the "Sovereign". The Marshall Islands plays a vital role in the international shipping industry as a flag of convenience for commercial vessels.

What would happen if the Republic of the Marshall Islands took off?

If the Republic of the Marshall Islands’ state-sponsored cryptocurrency, the Sovereign or SOV, takes off, SFB Technologies, the software company building the coin, would become incredibly wealthy. The SOV is a fully-fledged cryptocurrency.

What type of shares can a Marshall Islands corporation have?

Marshall Islands' corporations may have registered shares, preference shares, redeemable shares, shares with or without par value and shares with or without voting rights. A minimum of one shareholder and one director is required for Marshall Islands company formation.