Famous for nuclear bomb tests and a diverse array of whales, the Marshall Islands is also the first country in the world to introduce a national cryptocurrency – the Sovereign (SOV).
On Thursday afternoon, the SOV’s senior members announced that they had formed a new development bank.
The Marshallese government, a non-profit organization, stated that the SOV Development Fund, imaginatively named SOV, would support Marshall Islands’ government to adopt digital currency. Once that happens, it will ensure that it stays stable.
Dr. Peter Dittus is the chief economist for SOV, and former secretary-general of the Bank for International Settlements.
“[It will also] aim to seed the ecosystem surrounding the SOV, promote it – both domestically as well as internationally – and smooth out volatility by selling and purchasing SOV against USD.”
To achieve this goal, the fund will receive 30% of SOV’s original supply.
The board will consist of seven directors. Two will be nominated by the Marshall Islands government, while two will be chosen by SFB Technologies (the company that was hired by the government for SOV’s compliant Blockchain infrastructure).
The four directors will then appoint three additional directors to the board. The Marshall Islands government was able get an executive of Ditus’ calibre on board for the project. These three directors will likely be highly respected in the worlds of finance and technology.