The latest development in the Marshall Islands’ ambitions to launch a national cryptocurrency has been the hiring of the Blockchain Malta Association’s founder and president, Steve Tendon as an advisor.
Announcing his new role for the cryptocurrency in development, Sovereign (SOV), Tendon’s job is cited to include “the drafting, design, and issuance of their new cryptocurrency,” working directly alongside members of the Marshall Islands government.
The blockchain expert previously worked in a government advisory capacity, between 2017 and 2018 acting as a Strategic Advisor to Malta’s Prime Minister as the country established itself as a blockchain-friendly nation, successfully attracting a significant number of firms including the major cryptocurrency exchange Binance.
The Marshall Islands first announced its ambitions for a state-issued cryptocurrency in February 2018, with its forthcoming launch expected to be the first case of a digital currency entirely replacing fiat.
Another notable member of the SOV development team is Chief Economist Peter Dittus, former Secretary General of the Bank for International Settlements. Dittus praised Tendon in his new role, saying: “Steve is one of the foremost experts in blockchain technology and regulations.”
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