Blockchain expert Steve Tendon is advising and assisting the Republic of the Marshall Islands (RMI) on the issuance of the Sovereign (SOV) cryptocurrency for the Pacific nation, according to a press release.
Officials in the RMI intend to launch the SOV to serve as “legal tender of the islands for all debts, public charges, taxes and dues.” The cryptocurrency would join the U.S. dollar as the official currency for the RMI.
The SOV’s Chief Economist, Dr. Peter Dittus, indicated thatTendon would assist “with the drafting and designing of regulations to develop a blockchain financial services economy out of the Marshall Islands.”
Tendon currently serves as the Managing Director of TameFlow Consulting/ChainStrategies, a firm that offers research and strategy development to entities looking to adopt or transition towards blockchain.
The press release noted that Tendon was appointed as Strategy Lead to the National Blockchain Task Force of Malta. He was charged with advising officials on implementing the country’s blockchain strategy.
Government officials in Malta reiterated their pride earlier in the month about being a trailblazer for the wider cryptocurrency industry. Leadership said the government would work on initiatives to give more peace of mind and protection for crypto, pushing back against comments made by Opposition Leader Adrian Delia.
According to the Independent, Delia said the government was silent as the price of bitcoin slid downwards, despite hyping itself as the ‘Bitcoin Island.’
Tendon also served as the strategic advisor for the Malta government’s Ministry of Economy, Investment and Small Business in 2016.
Efforts to bring the SOV into reality have been met by harsh criticism. In November, CryptoGlobe covered the political developments surrounding President Hilda Heine and her push to launch the SOV. Eight members of the national senate alleged President Heine harmed the national reputation by supporting the SOV, and put her up to a vote of no-confidence.
President Heine managed to weather the storm however, surviving the vote of no confidence by a single vote. After the decision, Finance Minister Brenson Wase said the RMI would follow through on plans to launch the SOV.
The nation’s cryptocurrency plan also drew the attention of the International Monetary Fund (IMF), who advised the Pacific nation not to move forward with the launch of the Sovereign.
According to the IMF, the use of cryptocurrency as a second form of legal tender would be problematic because it would “increase macroeconomic and financial integrity risks, and elevate the risk of losing the last U.S. dollar correspondent banking relationship."
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