While some countries are yet to embrace the wide-ranging benefits brought by digital currencies such as Dragon Coin, the world’s number one entertainment coin others have embraced them.
In a recent development, David Paul, who has a ministerial appointment with the government of Marshall Islands, submitted an essay containing a remarkably detailed and comprehensive description of the nation’s intentions to have a national digital currency that would be known as the Marshallese Sovereign (SOV). Keen to break free from the dominance of the US dollar it is intended that this digital currency will help improve the economy of the country, bringing a great deal of independence to Marshall Island’s monetary policy.
It's interesting to note that the government of Marshall Islands has decided to build this digital currency based on blockchain protocols because they believe a decentralized system is best for the country despite having a relatively small population of around 75,000. With the adoption of blockchain technology, it is expected that the country's economic issues can be eased, giving the economy a considerable boost.
The immutability of blockchain is one of the amazingly desirable features making it sought-after technology. It’s not clear yet whether they will be introducing a digital wallet but if they do they wouldn’t go far wrong by basing it on the recently re-built and enhanced Dragon Social Wallet. As part of the powerful Dragon ecosystem including the Dragon Exchange users can enjoy dramatically reduced fees for cross-border transactions at speeds much faster than using traditional fiat-based systems. Dragon Social Wallet to Social Wallet transfers are completely free and would conveniently remove the need to transact in US Dollars, and Dragon Blockchain Innovation means that these transfers take place near-instantaneously.
The remote Pacific country made up of more than 1000 islands sits about halfway between Hawaii and Australia resting on top of submerged volcanoes and with having an average elevation of just two meters above sea level they are at serious risk from rising sea levels. And, with US funding coming to an end in 2023 the pressure is mounting to implement the SOV digital currency as soon as is practicable. With some observers believing the country could disappear entirely by being covered by the sea, the citizens would still have a digital legacy with their information safeguarded on the blockchain.
The SOV would continue to exist on the blockchain providing a resilience that could only be dreamt of by a central bank, and as more and more small island economy’s transition onto the blockchain, the world is watching. Despite ending on a somewhat sombre tone, the article once again highlights the remarkable versatility of blockchain to impact upon the everyday lives of the citizens of the Marshall Islands as well as preserving their legacy. If you haven't tried out the features of the Dragon Social Wallet yet, you can download it free from here, and please let us know if you discover other compelling use cases for blockchain in our lively Telegram community.