Posted 2 years ago | by Bethany Armstrong

The Marshall Islands announced plans to create a national cryptocurrency.

This announcement from the isolated island, located right off Hawaiian islands, came on Wednesday. David Paul, the environment minister and minister-in-assistance to the president of the Republic of the Marshall Islands shared this news at a conference in Singapore.

There are approximately 75,000 Marshall Islands residents. At the moment, the primary currency is the US Dollar. Paul indicated that the island government is concerned about the "what if" of getting cut off from the sole bank, the First Hawaiian, Inc. That growing concern has pushed the Marshall Island government to look into other options for its citizens. A national currency, called the Marshellese sovereign (or SOV for short) would solve that dilemma, insuring financial security for the Marshall Islands residents.

SOV would be a blockchain based currency. Bloomberg reported that Paul said, "The greenback won’t completely go away, at least not for the time being. People will still have the choice to use the U.S. dollar as well as the SOV."

There is no official launch date in place, but David Paul gave indication that the Marshellese is committed to launching SOV in a responsible and time tested manner.