The Israeli company Neema, along with the authorities of a tiny island nation, is working towards solving the problems of technology and logistics of the state cryptocurrency of the Republic of the Marshall Islands.
“We intend to launch SOV cryptocurrency this year.” said Neema head Barack Ben Ezer. Even though the officials have acknowledged that serious work remains to be done on specific aspects of the asset of concern to US financial regulators, the Marshall Islands is planning to launch the Sovereign (SOV) cryptocurrency in 2019.
Marshall Islands is a Pacific state with a population of 55,000. The law on the development of digital currency was adopted by Marshall Islands in February last year. The whole idea of creating cryptocurrency was also first announced at that time only. But the intention to make cryptocurrency legal has been criticized by the IMF, the US Treasury, and Marshall Islands Central Bank specialists. According to them a cryptocurrency can adversely affect the existing banks and become a money laundering tool as well.
However, according to Ben Ezer SOV will be one of the most reliable and secure monetary systems in the world. He said “The US Treasury is concerned about anonymous digital currencies, such as Bitcoin, which are often used for illegal purposes by people seeking to hide the identity, but each SOV account will be fully identifiable.”
The only concern of the authorities of the country and the company’s employees is caused by the fact that the cryptocurrency market has strongly sank since its pinnacle in late 2017 and early 2018.
Ben Ezer said “We are working tirelessly to lay the foundation for ICO SOV. We want to be ready for the start and it will occur as soon as the positive impulse returns to the markets. This will happen when all shareholders are satisfied that SOV is ready, risks are minimized, and the market has come to life. ”
The authorities intend to raise funds by selling half of the SOV tokens during the ICO to foreign investors. The rest will either be kept in a government trust fund or will be distributed among the citizens of the country.