Marshall Islands' Sovereign Encrypted Currency (SOV) Sparks Controversy

Singapore - Steven, a Marshallese engineer from Silicon Valley, recently expressed misgivings about the Marshall Sovereign Encrypted Currency (SOV). “This is an ICO based on the digital world, however, most of Marshallese are not yet in this digital world. Where does the money come from? Where shall the money use to do? I believe there are more Marshallese residents just like me don’t know anything about that. ”

As early as March this year, the Marshal Islands, in the South Pacific sovereign state, had promulgated a law that would issue the world’s first sovereign legal encrypted digital currency------Sovereign ( Hereinafter referred to as “SOV” ). In according to report, the sovereign digital currency will circulate along with the USD, and this resolution has been passed by 20-8 votes in Marshal Islands National Assembly.

SOV national digital currency will be distributed to citizens in the form of ICO. The President of the Marshall Islands, Hilda C. Heine, said: “ The Marshall Islands will invest in climate change, education and green energy, as well as provide health care for those people affected by the U.S. unclear test. This is a historic moment for our people, and our own currency will be used in conjunction with the USD, leading us one step closer to national freedom. ”

Steven and the other supporters who share the common skepticism: “It is a false proposition that SOV national digital money is distributed to the people through ICO. The President’s Minister of Assistance David Paul not make this clear to his peoples, many of whom, like me, were in the dark.”

The Marshall Islands SOV National Digital currency will be issued and supported from Israel's Neema Corporation, which is the incubator of Y Combinator, a well-known business incubator focused on providing financial block-chain solutions.

David Paul, the Marshall Islands’ Minister of Assistance, said earlier that choosing Yokew, the new block-chain framework, was a wise move for SOV digital currency. Because it not only has all the advantages of bitcoin, but also is not anonymous. SOV allows 95% of block chain enthusiasts to use encrypted currency without hiding anything. And each SOV wallet is associated with a real person through a verified government ID and fingerprint.

Eric, Steven's Israeli colleague, said the problem was: “the first of all, ICO is in connection with 95 percent of block-chain enthusiasts, thus, apparently more than 95 percent of the 70,000 citizens who live in the Marshall Islands are not the participants. Since SOV raised ICO funds from 95% of non-Marshallese residents, how does the government ensure that the SOV wallets of other foreign investors can be linked to a real person through the government ID and fingerprint? ”

Some skeptics further pointed that: As far as I concerned, our country does not have the capability and the technology, beside that, Israeli companies provide and encourage SOV through POW means that issue rights of Marshall SOV currency are not under the government’s control, which from raising money to mining. It has noting to do with Marshallese citizens, who are neither held accountable nor informed of the risks involved. It is hard to imagine how the BTC and ETH raised by Hilda C. Heine and David Paul from digital currency enthusiasts around the world and how the dollars are allocated and used, however, the SOV in exchange for ICO is essentially an external liability. In view of POW generate the new SOV, Marshalleses
residents are difficult to compete with foreign mining machines in accordance with incentive hash power to mining. Most of them can only fishing, and there aren’t have any mining machines in their home to mine SOV. But David Paul has to pay their fish SOV instead of dollars.

From the excitement to the suspicion, the problem is that the government has not figured out what they are doing. STEVEN came to this conclusion after many discussions with the American cryptocurrency enthusiasts.

"This is a historic moment when we are finally issuing and using our own currency and circulating with the dollar," said Hilda C. Heine, Marshall's president. "This is a further step towards the expression of our national freedom. "

“it was an elaborate traitorous act, and the people living on the island had an inexplicable debt, and so far they didn't know what had happened, but the bill was passed.” Carl, a Marshall resident who has lived in America for a long time, said that: “ If the United States issues such a SOV, I believe U.S. citizens will take to the streets to protest. This is unimaginable in the United States. ”

Steven and his supporters are hoping to let more Marshallese residents know the truth about the problem through social media, and they hope the President Hilda C. Heine can answer these questions.


Media Contact:
Ashutosh Gupta

Published on: 2018-07-09

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