Israeli startup helping Marshall Islands create legal tender cryptocurrency – Business – Haaretz.com

Israeli startup helping Marshall Islands to create legal tender cryptocurrency

The Marshall Islands, a tiny Pacific Ocean nation, is partnering with the Israeli startup Neema to issue the first cryptocurrency that is also a country’s legal tender. The currency, called SOV, had its status as legal tender approved by parliament, the minister in assistance to the country’s president, David Paul, told Reuters last week. It will be used together with the U.S. dollar. Paul said SOV would be issued through an initial coin offering, a financing strategy that has become popular with startups looking to raise funds.

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