Marshall Islands mandated a sovereign cryptocurrency

Members of parliament voted for proceeding with the launch of the nation's virtual currency
28 February 2018   156

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.

Cryptocurrency to be Regulated in France

French Ministry of the Economy and Finances creates working group to regulate cryptocurrency
22 March 2018   120

Bruno Le Maire, the French Minister of the Economy, announced the government initiative to constitute the instructions and regulations towards cryptocurrency. The group is also aimed to decrease the influence of Bitcoin and altcoins to the formal system of economy with the help of required concept. These measures would help French government to prevent tax avoidance and some other criminal activities (such as money laundering).

In an op-ed that was published in French media this week the Minister of the Economy Bruno Le Maire made a promise not to miss the blockchain revolution. He refined the reasons of the French authorities`decision to regulate the technology. According to his point of view, it is impossible for any consumer or entrepreneur to carry out a transaction, invest, develop in business being in a regulatory vacuum. The Minister also put this position on the top among the rest questions to be discussed at G20 Summit in Buenos Aires. Bruno Le Maire is sure that the role of France is to be a driving force in “building the world of tomorrow”.

The Minister is going to present his case at the G20 Summit in 2018 in Argentina. He hopes that the framework can help in decreasing illegal activity in cryptocurrencies. Le Maire also explained that the sphere of digital funds is extremely attractive for criminals.

The leader of the working group is Deputy Governor of the Central Bank of France Jean-Pierre Landau. The French Central Bank supports the Government and hopes there would be no negative impact and consequences for the traditional economy system.

The key object of cryptocurrency regulation is to limit various negative factors in the financial sphere caused by digital money, such as the price volatility. Le Maire claims that at the same time the regulation of the cryptocurrency can support the development of the technology and can even lead to the economic growth. As blockchain can destroy not only traditional daily practices in banking and financial markets, but also patents and certified acts, the French Minister of Economy urges that the working group should foresee all these changes and become “actors of this revolution”, instead of simple viewers.