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.
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.