The Republic of the Marshall Islands will publish its own cryptocurrency with an ICO and a free exchange, according to two government officials who spoke with Bloomberg Wednesday, February 28.

The two officials, including Kenneth Kedi, president and senator, said the parliament of the Pacific nation approved this week the creation of the currency, which will be called the Sovereign. (SOV).

The Marshall Islands currently uses the US dollar as its official currency and, once issued, the Sovereign will circulate alongside the dollar. The Sovereign will be distributed through an Initial Offer (ICO) subject to final approval by the board, with an "unlikely" rejection, said Kedi to Bloomberg

David Paul, minister-assistant President, told Bloomberg that the new piece issued by the state is expected to appear before the end of 2018, adding that it would be "specifically targeted for the long-term needs of the country."

This move comes as Venezuela launches Petro Crystalline Petro-currency petroleum, while around the world in Iran and Turkey, lawmakers have also reported that they are considering a national coin .

Sovereign will respond to "needs" on a comparatively smaller scale – those of 53,000 citizens. According to the report, some of the money raised from the OIC will go to health care for citizens who have been victims of the consequences of the US nuclear tests in the past.

"It's a historic moment for our people – and using our own currency, alongside the USD." This is another step in the manifestation of our national freedom ", said President Hilda Heine in separate comments on the plan.