Swiss startup Tangem will release 'blockchain banknotes' for the Marshall Islands

Switzerland-based hardware maker Tangem announced that it will release “physical blockchain-banknotes” for the upcoming national digital currency of the Marshall Islands. This is reported in a press release.

According to representatives of the startup, these “blockchain-banknotes” will be used to store the national digital currency Sovereign (SOV). The latter is intended to become an alternative means of payment in the territory of the Pacific state and be accepted along with the US dollar. For a new means of payment, there will be inherent 'a controlled mechanism of emission and circulation in the country'. Banknotes will be in the form of a physical card equipped with a microprocessor. Tangem also notes that transaction validation will be instantaneous, and payments will be commission-free and do not require an Internet connection. Recall that the Marshall Islands plans to issue a national cryptocurrency became known less than a year ago. Last autumn, the International Monetary Fund spoke out against plans to issue such a means of payment, citing the country's unstable economy and its dependence on the United States.