Marshall Islands digital currency to be based on Algorand

Algorand just announced that the Republic of the Marshall Islands had selected its technology as blockchain infrastructure for his future digital currency.

Launched in 2018, the digital currency project Sovereign (SOV) of the Marshall Islands aims to make the country more independent and improve financial inclusion in the archipelago.

According to a press release, SFB Technologies, the company selected by the Marshallese government in charge of the project, has chosen the Algorand blockchain as infrastructure for the SOV.

SFB Technologies explains having opted for the protocol Algorand for its speed, scalability, security and ability to effectively implement the compliance checks required for such a currency.

Algorand was selected after extensive market research as one of the main protocol options, ”said Jim Wagner, CTO of SFB Technologies.

The digital currency will thus benefit from the combination of blockchain functionalities Algorand and New York’s identity management platform SFB Technologies.

I am excited about the partnership with Algorand. This is another important step in the development of the financial services industry, "added Kenneth Kedi, Speaker of the Marshall Islands Parliament.

Last year, the Swiss Tangem announced to be working with the Republic of the Marshall Islands on physical bank notes for the SOV.

Lately, Icelandic fintech Monerium also turned to Algorand to issue electronic money.