Official legal tender cryptocurrency

I have recently read that the Marshall Islands passed a law setting up the sovereign, a cryptocurrency, to replace the US dollar as the only legal tender of the country. Tokens are to be sold later this year (initial circulation of 24 million).

Venezuela has already introduced the petro, an official cryptocurrency, as legal tender but not replacing the bolivar (3600 bolivares to 1 petro) . Tokens were supposedly sold as early as February this year (but only reservations were made, no tokens have actually appeared, though 100 million tokens are to be issued). Some journalist said only foreigners can buy them and only Venezuelans can spend them. 1 petro is to equal the price of a barrel of oil from a certain place in Venezuela.

If these countries follow through on having circulating tokens, I assume the tokens will have to be listed as common coins. What do you think? Information is from Wikipedia.

Will

Pretty interesting. With the abundance of different cryptocurrency out there and it's recent crash, I'm surprised a country went in on it. What crypto are they using?

Wonder where that name, the "sovereign" was inspired from?

Cryptocurrencies are by default non physical ... what purpose should these tokens fulfill?

CassTaylor: I assume "sovereign" was used because the president of the Marshall Islands says they want to stress the islands' sovereignty.

Will

Quote: "Coinman48"​CassTaylor: I assume "sovereign" was used because the president of the Marshall Islands says they want to stress the islands' sovereignty.
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​Will

​Hmm, well that makes sense too I suppose.

A too little on the nose for my liking if that's the reason for the name though...

gridironshowcase:

Marshall Islands will use a new blockchain format called Yokwe (developed by Israelis to avoid anonymity) and Venezuela is said to use NEM blockchain format (possibly developed by Russians).

Will

Quote: "Coinman48"​gridironshowcase:
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​Marshall Islands will use a new blockchain format called Yokwe (developed by Israelis to avoid anonymity) and Venezuela is said to use NEM blockchain format (possibly developed by Russians).
​
​Will

​Interesting. Some of the main purposes of cryptocurrency is it's non-physical aspect as well as it's anonymity. I doubt this will work out for them very well but I'm no political expert by any means.