Algorand and SFB to Power Marshall Islands Central Bank Digital Currency | BTCMANAGER
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SFB Technologies, a full-cycle digital agency focused on blockchain development has announced that Alogorand’s blockchain protocol will be used to develop the national digital currency of the Marshall Islands dubbed Marshallese Sovereign (SOV).
Marshallese Government Targets World’s First CBDC
According to an announcement issued by blockchain developer SFB Technologies, work on the Marshall Islands’ central bank digital currency (CBDC) will be facilitated using Algorand’s blockchain infrastructure and protocol. The news was announced via a press release published on Monday (March 2, 2020).
SFB Technologies was approved to operate as the organizer of the SOV project by the Marshallese government. The agency then partnered with Algorand, the developer of the world’s first open-source pure proof-of-stake blockchain protocol.
Commenting on the move to leverage Algorand’s blockchain infrastructure, co-founder and chief technology officer of SFB Technologies, Jim Wagner said the firm’s open-source protocol was chosen for its speed, scalability, and security. Wagner further remarked:
“Algorand was selected after extensive market research among the leading protocol options. The company has already powered several mainstream use cases and thanks to its unique features the platform has the functionality required to issue, manage and distribute the SOV on a global level.”
Wagner also said that Algorand’s protocol provides the necessary compliance controls and transaction finality required for a CBDC.