Marshall Islands mandated a sovereign cryptocurrency

Members of parliament voted for proceeding with the launch of the nation's virtual currency
28 February 2018   759

A sovereign nation in South Pacific today has enacted a law that launches a legal process of establishing a nationwide legal cryptocurrency. SOV ("Sovereign") is meant to be circulated alongside with US dollar within the country. The virtual currency is based on Yokwe framework that provides an effective method for KYC and AML. Users of SOV will be able to confirm their identity and the platform thus will easily and quickly integrate services of financial institutions as the foundation for ID verification is already laid.

I’m especially proud of SOV since it is based on a new blockchain framework called ‘Yokwe’ that has all the benefits of bitcoin minus the anonymity. SOV makes cryptocurrency usable for the 95% of blockchain enthusiasts, who have nothing to hide. Every SOV wallet is associated to a real person, via verified government ID and fingerprint.

 

David Paul

Minister in Assistance to the President, RMI

The Sovereign will be distributed by means of ICO. All the funds raised will then be directed to the country's crucial areas of green energy, healthcare for those still suffering the consequences of the US nuclear bomb testing and climate change counter measures. RMI hired Neema for the management of the issuing process. This Israeli-based startup specializes in the integration of blockchain solutions into financial processes and is backed by Y Combinator accelerator.

The national virtual currency initiative is just the first step in a broader digital economy dubbed "E-conomy" vision with the incorporation of a blockchain technology and biometric IDs.

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   90

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.