Marshalls set to release its own cryptocurrency

4:51 pm on 2 March 2018

Government officials in the Marshall Islands have said the country plans to release its own cryptocurrency to serve as an official legal tender.

Members of parliament have voted this week to proceed with the plan, although it has not been finally approved yet.

Bloomberg has reported that it was told by two government officials that the digital coin, to be known as the Sovereign, is likely to be issued this year.

According to the minister-in-assistance to the president, David Paul, the government will be arranging an initial coin offering and exchanges will be allowed to apply to trade the currency.

Mr Paul said the plan is part of a bid to boost coffers, and specifically targeted for the long-term needs of the country.