Joel Tyler, the project Manager for the creation of a digital currency in the Marshall Islands, spoke about the steps that the authorities are taking to launch the national digital currency.
Joel Telpner said that the state-owned cryptocurrency SOV will allow the authorities of the Marshall Islands to respond more easily and quickly to various threats. He noted that such a project would have performed well during the coronavirus pandemic, but there are still too many obstacles to launching SOV.
In March of this year, it became known that the Marshall Islands is planning to release its own cryptocurrency SOV based on the block-based Algorithand. The project has been under development for a year and a half and a preliminary version of SOV called “preSOV” was launched earlier»:
“This period of eighteen months allowed us to release preSOV, and to do it in stages. While preSOV is entering the market, we can test the blockchain itself. We will work out all the issues from the regulators and will be able to hone the technology.”
It is expected that the preliminary version of SOV will be available to the public within a few months, and in the future, preSOV tokens will be replaced with full-featured coins. According to Stolpner, the development team needs to further Refine the technology.