The Marshall Islands are, as their name implies, a series of islands floating around in the Pacific Ocean. Famous for their scam brokerages, shark sanctuary and US military nuclear bomb tests, the small nation has also fallen under the blockchain spotlight after it announced back in February of 2018 that it would be launching a national cryptocurrency.
Called Sovereign (SOV), the cryptocurrency has yet to be launched. When it does go live, however, the Marshall Islands is likely to become the first country in the world to have replaced its fiat currency with cryptocurrency.
And on Friday, the country issued a statement, via SOV’s Medium blogging account, saying that cryptocurrency and blockchain consultant Steve Tendon will be joining the nation’s efforts towards developing their own cryptocurrency.
According to SOV’s statement, Tendon will be advising and assisting the Marshall Islands government with “the drafting, design, and issuance of their new cryptocurrency.”
From Malta to the Marshall Islands
Tendon, who appears to reside in Malta, is the Founder and President of the Blockchain Malta Association. He also heads up ChainStrategies, a blockchain consultancy firm, and acts as Chief Technology Officer for FinTech firm Anticipay.
It will also not be the first time that Tendon has worked in an advisory role to a government. From 2017 to 2018, he was a Strategic Advisor to Malta’s Prime Minister as the island nation’s government set about attracting blockchain companies to its shores.
Nor will Tendon be the only notable adviser to the SOV project. The project’s Chief Economist is Peter Dittus who was formerly Secretary General of the Bank for International Settlements.
“Steve is one of the foremost experts in blockchain technology and regulations,” Dittus said. “[He] will assist with the drafting and designing of regulations to develop a blockchain financial services economy out of the Marshall Islands.”