SOV Foundation Announces Crypto as Official Legal Tender of Marshall Islands

The SOV Foundation, a nonprofit based in the Marshall Islands, plans to launch a “public auction of rights” to its asset, the SOV, and make it the “official legal tender” of the islands. It has also announced its economic and technical advisors as well as they prep for this.

This is being done with the goal of improving the decentralized finance space (DeFi). This board is as follows:

• Dr. Peter Dittus, Chairman of the SOV Development Foundation’s advisory committee. Previously he was the Secretary General of the Bank for International Settlements (BIS);

• Prof. Silvio Micali, Turing Award winner and founder of Algorand, an open source, permissionless, proof-of-stake blockchain protocol that provides the underlying technology of SOV blockchain;

• Luis Ubinas, Former President of America’s second largest foundation, the Ford Foundation and was previously a Senior Partner at McKinsey & Company. Ubinas was also a member of the Advisory Committee for Trade Policy and Negotiations for the Obama Administration;

• Prof. Mihaela Ulieru, International Relations and Business Development. Ulieru is President of the IMPACT Institute for the Digital Economy and an expert with the World Economic Forum’s Global Agenda Council on Data-Driven Development, advising governments, and organizations on emerging technologies;

• Steve Tendon, Blockchain and Regulatory Strategy advisor. Tendon is the architect of the Blockchain Strategy of the Republic of Malta;

• Patri Friedman, Special Economic Zone advisor. Friedman is the General Partner at Pronomos Capital, a Silicon Valley VC firm specializing in progressive Special Economic Zone projects. Patri is also the founder of the Seasteading movement and advises many innovative governance focused organizations.

Speaking on the matter is Peter Dittus, the Chairman of the SOV Development Foundation, who said:

“The SOV Development Foundation has assembled a dream team of professionals in blockchain and finance to finally relieve the broken fiat banking system of its problems. We’re honored to work together and bring the vision of true decentralized global finance to life.”