Switzerland wallet manufacturer Tangem will issue physical banknotes for Marshall Islands’ state digital currency, the Sovereign (SOV), according to an announcement on Jan. 28.
Each smart banknote will contain a blockchain-enabled microprocessor which will “combine the familiar advantages of paper banknotes with the security of blockchain technology.”
Physical SOV will be a “controllable mechanism” for issuing the currency by the Marshallese government.
Minister David Paul, Minister-in-Assistance to the President of the Marshall Islands, stated, “Tangem will help us ensure all citizens, including those living on more remote outer islands, are able to easily and practically transact using SOV.”
In February last year, the Republic of the Marshall Islands first announced that it would release its own cryptocurrency complete with an ICO and free trading. Two government officials said that, once issued, the Sovereign will circulate alongside the nation’s other official currency, the United States dollar.