The Marshall Islands to build its digital currency on Algorand blockchain
It has been announced that the Marshallese national digital currency sovereign (SOV) will be developed using the Algorand protocol. Jim Wagner, the co-founder and CTO of SFB Technologies said that Algorand protocol was carefully selected due to its speed, scalability, and security following thorough research of other protocol options.
Algorand COO Sean Ford stressed that the Algorand blockchain network not only offers speedy transactions but also performs required compliance controls and the transaction finality. The protocol is free of potential governance issues and is already being successfully implemented by an Icelandic e-money startup to bring fiat currency transactions onto the blockchain.
The Marshall Islands first announced their plans to launch their digital currency back in 2018 to circulate alongside the US dollar. And the Marshallese minister in-assistance to the president and environment assured that the whole process is being closely monitored by international regulatory bodies to ensure that SOV meets all the requirements.
“The Marshall Island’s vision for global participation and inclusion in an open financial system by harnessing the benefits of blockchain technology is aligned with a truly global and decentralized society that we believe is made possible with our technology,” Silvio Micali, founder of Algorand, stated.
Algorand has been partnering with the nation of the Marshall Islands on the initiative for several months now and anticipates the launch later in 2020. And with China and Cambodia planning to introduce their own digital currencies, the competition to be first is on.