The Marshall Islands is moving ahead with plans to issue its own cryptocurrency that will be circulated as legal tender along with the US dollar.

The nuclear-ravaged nation today announced the official launch of the sovereign (SOV), which will have “a fixed money supply with fixed growth” as well as closing “the secrecy and anonymity loopholes” exploited by criminals and terrorists. The country has capped the SOV supply at 24 million tokens in order to prevent inflation.

The Marshallese government announced earlier this year that its fiat-based cryptocurrency would be governed by an independent, non-profit organization called “SOV Development Fund.” The Fund’s mandate is to support the launch of the new coin through a board of seven people, three of whom will be elected by the other four who are chosen.

Two directors will be nominated by the government and two will be nominated by SFB Technologies, the company it hired to develop SOV’s compliant blockchain infrastructure. These four directors will then appoint three further directors, elected from experts in the fields of blockchain, banking, and monetary management.

“Every individual using SOV must be identified by an approved verifier of their choice, such as a bank or an exchange,” said David Paul, minister-in-assistance to the president of the Marshall Islands.

Paul said the SOV would be issued to the public through an initial coin offering; then it will act like regular money. The country hopes the residents will use the SOV for everything from paying taxes to buying groceries.

The Russian central bank also revealed it’s considering the launch of a gold-backed cryptocurrency for international settlements. Venezuela, meanwhile, has already gone ahead with a digital token called the Petro, backed by oil.

For the past few weeks, Bitcoin has been hopping around the $ 10K level, but it seems to be able to hold above it for the moment, seeking momentum for a bigger rebound.

The largest digital currency has fallen below its lowest GTI Vera Band indicator, which measures upward and downward trends. This indicator signals potential sharp upward jumps. The last four times where the price has gone below the indicator, there has been a fast and strong rebound.

The digital currency also finds strong support at the $ 10,000 level, testing the level 4 times in the last week, bouncing off each time. Crypto analysts attribute the leaps and potential stronger recovery in price to factors such as poor macroeconomic conditions, as well as positive developments in the crypto world. Binance is soon releasing a new stablecoin, which would only be a plus.

We have a shaped trend of improving and stabilizing Bitcoin, which also makes it an important element of exchange for many crypto trading sites. Attracting more turnover, money and interest, especially in difficult economic situations, is accelerating the adoption of Bitcoin as digital gold.

However, some investors have warned that cryptocurrencies may remain under pressure as the Group of Seven meet in France this weekend. Many analysts see this event as an opportunity to criticize cryptocurrencies and regulations, especially after Facebook's intentions for its stablecoin.

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