Sunday Jul 13, 2025
NEWSLETTER
www.israelhayom.com
  • Home
  • News
    • Israel
    • Israel at War
    • Middle East
    • United States
  • Opinions
  • Jewish World
    • Archaeology
    • Antisemitism
  • Lifestyle
    • Food
    • Travel
    • Fashion
    • Culture
  • Magazine
    • Feature
    • Analysis
    • Explainer
  • In Memoriam
www.israelhayom.com
  • Home
  • News
    • Israel
    • Israel at War
    • Middle East
    • United States
  • Opinions
  • Jewish World
    • Archaeology
    • Antisemitism
  • Lifestyle
    • Food
    • Travel
    • Fashion
    • Culture
  • Magazine
    • Feature
    • Analysis
    • Explainer
  • In Memoriam
www.israelhayom.com
Home Science & Technology

Marshall Islands, Israeli startup partner on first national cryptocurrency

by  Ariel Whitman
Published on  03-04-2018 00:00
Last modified: 05-15-2019 14:06
Share on FacebookShare on Twitter

The Pacific nation of the Marshall Islands is partnering with Israeli startup Neema to introduce the world's first government-backed cryptocurrency.

This week, the Marshall Islands passed the Declaration and Issuance of the Sovereign Currency Act, which declares "decentralized currency as legal tender of the Marshall Islands for all debts, public charges, taxes, and dues."

By adopting a cryptocurrency as the coin of the realm, the tiny island nation has made a groundbreaking decision. Thus far, the main countries examining the use of cryptocurrency have been Venezuela and Iran, who see blockchain technology as a way of skirting sanctions.

Neema, a Tel Aviv-based company, has been charged with creating the blockchain-based currency and the infrastructure needed for the Marshall Islands coin of the realm to go digital – including an internet connection for the islands and a payment system that will ensure complete security, access, and convenience for Marshall Islands users. The company is expected to complete the process later this year.

Dr. Joseph Wyse, head of the patent department at the law firm of Dr. Eyal Bressler & Co., explained that "This is a good, appropriate use of cryptocurrency technology. First of all, the new currency, which is called SOV, won't be hidden from the sovereign government of the Marshall Islands and is therefore different from cryptocurrencies in other countries

"Second, the Marshall Islands government will issue the currency for all its citizens, using their IDF numbers and a fingerprint for each person, using the Israeli blockchain technology.

"Third, the Marshall Islands use the U.S. dollar as their legal currency, and there is a rational connection between the dollar and the SOV. This kind of government currency, tied to foreign currency, is a welcome development. The U.S. government has silently agreed [to the move], and the U.S. Treasury will follow the trial with great interest," Wyse said.

Related Posts

SpaceX launches Israeli communications satellite

SpaceX launches Israeli communications satellite

by Roi Bet Levi and Lilach Shoval

This is a new Israeli-made communications satellite, developed specifically to provide communication capabilities for the national needs of the State...

Musk makes audacious claim on Grok; crowd silentREUTERS/Dado Ruvic/Illustration/File Photo

Musk makes audacious claim on Grok; crowd silent

by Erez Linn

Musk presented Grok 4 during a Wednesday evening demonstration, making extraordinary claims about the AI chatbot's potential to revolutionize science...

How to attract a 4-trillion company? NVIDIA prompts Israeli frenzyAP Photo/Michel Euler;Moshe Shai;

How to attract a 4-trillion company? NVIDIA prompts Israeli frenzy

by Erez Linn

Chip giant receives dozens of offers for massive Israel expansion as AI demand soars, days after it announces it seeks...

Menu

Analysis 

Archaeology

Blogpost

Business & Finance

Culture

Exclusive

Explainer

Environment

 

Features

Health

In Brief

Jewish World

Judea and Samaria

Lifestyle

Cyber & Internet

Sports

 

Diplomacy 

Iran & The Gulf

Gaza Strip

Politics

Shopping

Terms of use

Privacy Policy

Submissions

Contact Us

About Us

The first issue of Israel Hayom appeared on July 30, 2007. Israel Hayom was founded on the belief that the Israeli public deserves better, more balanced and more accurate journalism. Journalism that speaks, not shouts. Journalism of a different kind. And free of charge.

All rights reserved to Israel Hayom

Hosted by sPD.co.il

  • Home
  • News
    • Israel at War
    • Israel
    • United States
    • Middle East
    • Sports
  • Opinions
  • Jewish World
    • Archaeology
    • Antisemitism
  • Lifestyle
    • Food
    • Travel
    • Fashion
    • Culture
  • Magazine
    • Feature
    • Analysis
    • Explainer
    • Environment & Wildlife
    • Health & Wellness
  • In Memoriam
  • Subscribe to Newsletter
  • Submit your opinion
  • Terms and conditions

All rights reserved to Israel Hayom

Hosted by sPD.co.il

Newsletter

[contact-form-7 id=”508379″ html_id=”isrh_form_Newsletter_en” title=”newsletter_subscribe”]

  • Home
  • News
    • Israel at War
    • Israel
    • United States
    • Middle East
    • Sports
  • Opinions
  • Jewish World
    • Archaeology
    • Antisemitism
  • Lifestyle
    • Food
    • Travel
    • Fashion
    • Culture
  • Magazine
    • Feature
    • Analysis
    • Explainer
    • Environment & Wildlife
    • Health & Wellness
  • In Memoriam
  • Subscribe to Newsletter
  • Submit your opinion
  • Terms and conditions

All rights reserved to Israel Hayom

Hosted by sPD.co.il