Marshall Islands Officially Make Crypto Their Sovereign National Currency

Avi Rosten
  • Their new cryptocurrency called the Sovereign (SOV) will take the place of the USD as the sole national currency
  • Designed by Israeli fintech company Neema, the new currency will be the legal tender for the Pacific nation

The first sole sovereign cryptocurrency has been signed into law today as the Marshall Islands - a sovereign state and UN member - has put in place a bill to make its national legal tender its own cryptocurrency.

Their new national cryptocurrency is called the Sovereign (SOV) and will be the official legal tender for businesses and the 53,000 citizens of the Pacific islands.

Breaking the news today, crypto trader and host on CNBC Africa - Ran Neuner - explained that the move for the tiny nation was significant because (in theory at least) it means that financial institutions such as banks and Visa will have to accept the SOV as it is now the legal tender of a sovereign nation:

According to a report from thenextweb in April, the cryptocurrency was designed by Israeli fintech company Neema - and the project was the idea of CEO Barak Ben-Ezer who sought out nations without their own national currency for crypto adoption. The Marshall Islands - although their own republic since 1982 - use the USD as their legal tender, but will now start to use (presumably in conjunction with the USD) the new SOV cryptocurrency that was today signed into law.

This new adoption - and its suggested ramifications for the banking world - are no doubt an interesting development for the space as the crypto-world pushes for broader institutional acceptance.

President Trump Wanted to 'Go After Bitcoin' in 2018, John Bolton Reveals

Michael LaVere
  • Former national security advisor John Bolton's claims that President Donald Trump wanted to "go after bitcoin" in May 2018. 
  • Bolton's new book details a tense exchange between President Trump and Treasury Secretary Steven Mnuchin over cracking down on crypto-assets.

Former national security advisor John Bolton said that President Donald Trump wanted to “go after bitcoin” in 2018. 

According to a report by the Washington Examiner, which received an advanced copy of Bolton’s tell-all book The Room Where it Happened,  President Trump wanted to crack down on bitcoin and cryptoassets in 2018. 

The book claims that President Trump told Treasury Secretary Steven Mnuchin to put pressure on the trading and selling of bitcoin. 

The report reads, 

Don't be a trade negotiator," Trump allegedly said, as was written in The Room Where It Happened, a copy of which was provided to the Washington Examiner. "Go after Bitcoin [for fraud].

According to Bolton, the exchange took place in May 2018 amidst a tense discussion over trade sanctions and tariffs placed on China. 

The report also notes the Trump administration’s history of skepticism towards cryptocurrencies, culminating in the release of new guidelines for the trading of crypto-assets earlier this year. 

Mnuchin said in a statement made in February, 

We want to make sure that technology moves forward, but on the other hand, we want to make sure that cryptocurrencies aren't used for the equivalent of old Swiss secret number bank accounts.

Featured image by Library of Congress on Unsplash