MAJURO, Marshall Islands, Jan. 28, 2019 /PRNewswire/ -- Tangem, the producer of blockchain smart card wallets, announced it will issue the physical banknotes of the sovereign (SOV) - the world's first decentralized digital national currency. Once issued, SOV will join the U.S. dollar as the official legal tender of the Republic of the Marshall Islands (RMI).
SOV is based on blockchain technology and allows fast, cheap, and global transactions while resisting the abuse by bad actors. The Tangem / SOV partnership is designed to ensure all citizens of the Marshall Islands have fair and equal access to their digital currency, whether or not they have internet connection. Thanks to the immediate transaction validation, zero fees and no Internet connection requirements for the end users Tangem banknotes will enable the off-chain physical circulation of the SOV among all SOV holders and will not impose the technical infrastructure burden on the RMI.
Each Tangem card will take the form of a unique physical banknote with secure blockchain-enabled microprocessor inside and combine the familiar advantages of paper banknotes with the security of blockchain technology. These protected notes will be fully transparent, 100% secure, decentralized, and represent a controllable mechanism of currency issuance and circulation for the state.
"We are excited to partner with the Republic of the Marshall Islands to do something that has never been done before: issue a digital currency as official legal tender," said Andrey Kurennykh, co-founder of Tangem. "As the IMF has noted, the world is moving towards the widespread adoption of digital currencies, and we are excited to support the birth of the new global digital economy."
Tangem is the producer of inexpensive blockchain-enabled smart card wallets for cryptocurrencies, stable coins, ICO / TAO tokens and other blockchain-based digital assets such as tickets, anti-counterfeit tags, etc. Tangem entire electronics and cryptography are certified to the Common Criteria EAL6+ security standard.
"We are excited to bring in Tangem as another reputable and forward-thinking partner on our journey to create the world's first sovereign digital currency," said Minister David Paul, Minister-in-Assistance to the President of the Marshall Islands. "Tangem will help us ensure all citizens, including those living on more remote outer islands, are able to easily and practically transact using SOV."