The Parliament of The Republic of Mashall Islands approved a project to replace it's currency with a new cryptocurrency named SOV to be used as the official legal tender of the country. Every citizen will be required to use it to make official transactions and to accept it as legal tender. Wht's more interesting is that the crypto will be highly decentralized and based on a public blockchain similar to bitcoin.
The country of just over 53000 people plans to use the crypto as a complementary to the US dollar.
Neema, an Israeli startup that facilitates international money transfers via an app, will develop the underlying technology of the new cryptocurrency using a public protocol called "Yokwe."
The protocol is designed to mitigate know-your-customer and financial crime concerns by linking accounts to real, government-verified identities, according to an article CTech, an Israeli technology news site.
How much better can it get for the crypto community? Global adoption is real and is rapidly happening!