Press release

The Marshall Islands Announces the Establishment of the SOV Development Fund

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The Republic of the Marshall Islands today announced the establishment
of the SOV Development Fund, a Marshallese not-for-profit organization.
The Fund’s mandate is to support the government in the establishment,
maintenance and implementation of the SOV, the Marshall Islands’ digital
legal tender.

In a pre-recorded video presentation to the Blockchain for Impact Summit
at the United Nations Headquarters in New York, the Minister In
Assistance to the President, David Paul said: “We are designing SOV in a
way that will not place any burden on the government’s finances. The
currency funds itself.”

Dr. Peter Dittus, Chief Economist for SOV and former Secretary General
of the Bank for International Settlements (BIS) explained: “The SOV
Development Fund’s mandate is to maintain the SOV infrastructure long
term; to seed the ecosystem around the SOV; to promote the SOV and its
uses, both domestically and internationally; [and] to smooth the
volatility of the SOV by selling and buying SOV against USD.”

The SOV Development Fund will be fully independent, with a board of
seven directors. Two directors will be nominated by the government of
the Marshall Islands, and two will be nominated by SFB Technologies, the
company hired by the government to develop SOV’s compliant blockchain
infrastructure. These four directors will then unanimously appoint three
further directors, elected from among internationally recognized
luminaries in the fields of blockchain, banking, and monetary management.

Qualified majorities will be required for all major decisions, to ensure
the fund operates with prudence and stability and adheres to its
mandate. Once the SOV is established, the goal is to transition to an
alternative governance model based on blockchain. Specific technological
solutions are still being investigated.

The SOV Development Fund will be endowed with 30% of the SOV’s initial
supply.

Learn more about SOV and The Republic of the Marshall Islands (RMI):

Overview of the SOV: https://sov.docsend.com/view/kq9tc4j

Overview of the SOV Development Fund: https://sov.docsend.com/view/zdjhg36

Minister David Paul’s video speech at the United Nations on June 4th,
2019: https://youtu.be/B4vaNyWOh7A