There is a lot of discussion about how crypto-coins and the digital economy can dictate the end of physical money. In this way, central banks and countries are studying the issuance of their own Crypto-Coins (CBDC). The Swiss company Tagem, which has turned to the adoption of Bitcoin, has now announced that it will be the “Coin House” and will print physical notes of its virtual money in the Marshall Islands.
Announced in 2018, the Sovereign (SOV) was criticized by the IMF, but continued to be developed, although there is still no information as to when it will be available to the public.
According to the statement from the Swiss company, the partnership between Tangem and SOV “is designed to ensure that all citizens of the Marshall Islands have fair and equal access to their digital currency whether or not they have an Internet connection.” Tangem, which already has cards preloaded with Bitcoin, will print physical notes that can circulate without being connected to the internet or the need to do any type of validation online.
Like a physical “Bitcoin,” each SOV note from Tangem will incorporate a microprocessor (maybe with a S3D350A chip developed by Samsung) that will unite the advantages of paper banknotes with the security of blockchain technology. The company anticipates that this will allow the notes to be protected against hacks, 100% transparent and integrated with the digital and global broadcast of the SOV.
In 2018, the Republic of the Marshall Islands announced for the first time that it would launch its own crypto-currency through an ICO and when issued, would be the country’s second official currency along with the US dollar.
“We are excited to partner with the Republic of the Marshall Islands and do something that has never been done: to issue a digital currency as officially legal currency. As the IMF has noted, the world is moving towards the widespread adoption of crypto actives, and we are thrilled to support the birth of the new global digital economy, “said Andrey Kurennykh, co-founder of Tangem.
President Marshallese Hilda Heine supported the issuance of the SOV, and the country’s parliament has questioned her intentions, claiming that the president’s plan could undermine the country’s reputation. However, Heine survived by few votes and continued with the SOV’s plans, saying it meant “a historic moment for the people of the country.”