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).
And on this fine Thursday afternoon, senior members of the body responsible for the formation of the SOV said they have formed a new development fund.
A non-profit organization, the Marshallese government said that the imaginatively named SOV Development Fund would help to support the Marshall Islands’ government adopt the digital currency and, once that happens, ensure it remains stable
“The SOV Development Fund’s mandate is to maintain the SOV infrastructure long term,” said Dr. Peter Dittus, chief economist for SOV and former secretary general of the Bank for International Settlements.
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“[It will also aim] to seed the ecosystem around the SOV, promote – both domestically and internationally – the SOV and to smooth the volatility of the SOV by selling and buying SOV against USD.”
In order to achieve this last goal, the fund will be given 30 percent of SOV’s original supply.
The fund will have a board consisting of seven directors. The government of the Marshall Islands will nominate two, and two will be appointed by SFB Technologies – the company hired by the government to develop SOV’s compliant blockchain infrastructure.
These four directors will then appoint another three directors to the board. Given the Marshall Islands government was able to get an executive of Dittus’ caliber onboard with the project, those three directors are likely to be highly respected individuals from the world of finance and technology.