a small country Marshall Islands In 2018, he took a giant step forward and showed himself on the world stage.

This tiny country is home to a state-backed cryptocurrency Sovereign (SOV) The goal was to progress towards becoming the world’s first cryptocurrency country. So where do you think this journey ended?

We can say that the basis of the Sovereign (SOV) project is actually based on the quest to increase the economic independence and financial security of the Marshall Islands.

These steps taken to launch the cryptocurrency called Sovereign, making the island economy more resilient and was seen as a sign of a more independent stance in the global financial system.

In this regard, the Government of the Marshall Islands appointed Sovereign in 2018. has adopted it as the official currency And since then, the project has started attracting huge attention all over the world.

Like Bitcoin, Sovereign would have a limited supply and accordingly with 24 million units was limited.

In this way the coin becomes more making it a valuable and safe investment instrument They were taking aim.

However, in the following years some problems began to arise.

Although the Marshall Islands is trying to reduce the country’s dependence on the US dollar with the aim of increasing economic independenceAlthough A rolled up his sleeves for this project, things did not go as planned.

Project due to both legal and economic problems could not make any progress.

The Marshall Islands in particular do not have a central bank shortcomings in the legal regulations It damaged confidence in the project by jeopardizing the sustainability of the project.

For this reason the government has to cancel the SOV project and notes that he plans to focus instead on setting up a digital economic zone.

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