For the First Time, a Country Just Made a Cryptocurrency Its Official Currency

Republic of the Marshall Islands — In a move that, for anyone following the progress of cryptocurrencies, was truly inevitable, the world’s first country has adopted a digital asset as legal tender. From the Associated Press (AP):

“The tiny Marshall Islands is creating its own digital currency in order to raise some hard cash to pay bills and boost the economy.

“The Pacific island nation said it became the first country in the world to recognize a cryptocurrency as its legal tender when it passed a law this past week to create the digital ‘Sovereign,’ or SOV. In the nation of 60,000, the cryptocurrency will have equal status with the U.S. dollar as a form of payment.”

The Republic of the Marshall Islands (R.M.I) plans to distribute the SOV sometime in the near future through an initial coin offering (ICO). R.M.I. will cap the number of tokens at 24 million, representing the country’s 24 municipalities.

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