The first country to adopt cryptocurrency as it's legal tender is MAJURO, Marshall Islands, a pacific island. The country has declared officially to adopt The "Sovereign" or "SOV", as it's official digital currency alongside the dollars. The digital money is going to enjoy same status with the US dollars in the country with it's about 60,000 populace. The country agreed that this step is necessary to enable it raise some cash to settle it's bills and boost the economy.
The country also decided to overcome the anonymity characteristics of a typical cryptocurrency by going to ensure that it's users are identified, as this has hindered a lot of governments from recognising the digital future. Hence, it's SOV will have the backing of the government.
Partnering with an Israeli company NEEMA to lunch the SOV, it plans to sell some of the SOV to international investors. It intends to issue about 24million SOVs in ICO. Half of this will go to it's Israeli partner and balance to it's government. It also intends to sell about 6million SOVs to international investors as to raise funds to finance it's budget and other well meaning projects.
The President, Hilda Heine, appreciated it's a historic moment for their people as he consented it was a milestone to their national liberty. This huge step has not gone down without criticisms from lawmakers and some citizens, expressing skepticism which is normal.
The co-founder of block chain based in Hong Kong, Jehan Chu applauded the move as he admitted that physical currency is on it's long journey to antiquity and obsolescence. He though added that the SOV may not have much value outside the Islands.
In summary, this is a signal that the block chain based technology is here to stay, the cryptocurrency though still bedevilled by an air of skepticism, holds a lot of future against all odds. Venezuela has just lunched it's own cryptocurrency, I know many more are on the pipeline.
With innovative steps to improve its securty features, the cryptocurrency can only become better and take on the world. I urge experts to give more informative comments on this.