The Marshall Islands is partnering with SFB Technologies and Algorand to power the world’s first national digital currency.
According to the official update published Mar. 2, SFB Technologies has announced that the world’s first national digital currency, the Marshallese sovereign (SOV), will be built using Algorand technology. The update says the SOV will circulate with the U.S. dollar and help the Marshall Islands “efficiently operate” in a global economy.
SFB Technologies, which was selected by the Marshall Islands to oversee the project, chose Algorand for its “speed, scalability, security” and ability to be effectively implemented. Algorand has previously created an open-source, pure proof-of-stake blockchain protocol that enables the development of scalable solutions.
Jim Wagner, co-founder and CTO of SFB Technologies, said of Algorand,
The company has already powered several mainstream use cases and thanks to its unique features the platform has the functionality required to issue, manage and distribute the SOV on a global level. This partnership ensures that the SOV will be built on a scalable and secure platform.
Kenneth Kedi, Speaker of the Marshallese Parliament, expressed his excitement for the project,
I am excited about the technological partnership with Algorand. With it, a strong alliance is forming to develop the SOV project. This is another milestone towards developing the Marshall Islands financial services industry.
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