Algorand and SFB Technologies create national digital currency for Marshall Islands

On March 2, Algorand announced that the Marshall Islands Sovereign Currency (SOV) will be built using Algorand technology. SOV will be circulating in the country with the US dollar to help the Marshall Islands operate efficiently in the global economy. It is reported that the supply of SOV will be fixed at an annual growth rate of 4% with an algorithm to prevent inflation from getting out of control. SOV will be launched through token pre-sale: In the future, SOV's equity will be sold as a series of auctions as part of the regular currency issuance (TRMI) expected to begin this year.