On Jan. 10, 2019, the team behind a national cryptocurrency for the Republic of the Marshall Islands (RMI) — dubbed the Sovereign (SOV) — revealed that the coin is still being actively developed, despite previous disagreements among government officials, as well as reservations expressed by the International Monetary Fund (IMF) and the United States Treasury Department on the subject.
The idea behind the SOV project lies in the RMI government's pursuance of "manifesting our [the RMI’s] national liberty,” as well as the creation of an alternative state currency to the U.S. dollar, which the small island nation has been using for decades.