Foreign digital encryption investors expect the rewards of SOV appreciation, even if someone is willing to swap BTC or the dollar for SOV, and at the present time no one has come out to explain why SOV has risen. Nevertheless, Marshall’s residents will also be distributed the SOV in free. All of this looks very alluring, but earlier, Tencent News of China, a distant country but full of the digital encryption enthusiasts, released a report: “the Marshall Island has released its own legal encrypted currency—Sovereign (SOV), and will distribute it directly to the public. It will circulate in the country with the USD. This is the first country to complete the delivery of its own encrypted currency in circulation.
The publication of SOV was a lengthy legislative process and discussion . The Marshall Islands, with a population of 53,000, will set a precedent for other countries interested in similar behaviour. The current SOV exchange rate is parallel to the USD. The President of Marshall Island, Hilda C. Heine said: “This is a historic moment for our people, and our own currency will be used in conjunction with the dollar, which is a step to highlight our national freedom.”
Remarkably, the new framework allows SOV users to provide basic information to financial institutions, such as identity and sources of fund. The country will also allow global investors to participate in the ICO. Besides that, Marshall’s residents will be given a part of the currency free of charge.
“This kind of propaganda makes people seem to be getting a free lunch, but the truth of the ICO is that once they receive the circulation of SOV, then the fish they catch will be repaid in SOV instead of dollars. What people don’t know is that the SOV they get for free is actually the government’s future debt to digital enthusiasts. If SOV raises a billion dollars, then each Marshall’s citizen will have a debt of about 18,000 dollars.”
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