Marshall Islands 1st Country to Launch Own Cryptocurrency as Legal Tender

The Marshall Islands is creating its own digital currency in a bid to raise money. In doing so it becomes the first country in the world to recognize a cryptocurrency as legal tender.

The small Pacific Island nation passed the Sovereign Currency Act to create the ‘sovereign’, or SOV. The cryptocurrency will have equal status with the US dollar and, unlike many cryptocurrencies, users will have to reveal their identity in order to use SOV.

Static/Current Takeaways Important for Exams-

  • Capital of Marshall Island- Majuro, Currency- United States Dollar.
Source- The Reuters