The Marshall Islands is set to release its own cryptocurrency called the Sovereign after the Parliament voted to approve an official cryptocurrency as legal tender, a move that could end its reliance on the US Dollar as its official currency. The Republic of Marshall Islands (RMI), a chain of 1,156 volcanic islands and islets in the Pacific with a population of over 70,000, could see a cryptocurrency as legal tender as early as this year. Speaking to Bloomberg, senator and Speaker of Parliament Kenneth Kedi revealed members voted to pivot away from its current fiat currently – the US dollar, toward an official local cryptocurrency. The government will name the cryptocurrency as the ‘Sovereign’ and will arrange an initial coin offering to raise financing toward enriching local budgets. Further, cryptocurrency exchanges will be encouraged to apply to list and trade the Sovereign, revealed David Paul, minister-in-assistance to the islands’ President.