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The Sovereign Yidindji Government has launched a sovereign digital currency (GovCoin). Yidindji is an aboriginal Australian micronation that is part of the Australian Aboriginal Sovereignty. The new payment system is connected with MetaMUI's self-sovereign identity (SSID) system that is already used in retail stores and government offices. Details are still sketchy, but the press release says "it's a convertible currency whose collateral assets are gold and silver and other minerals and natural resources... Money issuance, backed by a digital certificate, is also backed with collateral assets."

On a general level, self-sovereign identity is intended to preserve the right for the selective disclosure of different aspects of one's identity and the various components thereof, in different domains and contextual settings. This right should apply irrespectively of whether these aspects and components have been issued by a particular government, company, or organization. More specifically, self-sovereign identity also refers to the idea that individuals shall retain control over their personal data and, to a certain degree, over the representations of their identities (or personas) within a particular identity management system. This requires giving them the ability to establish (and control) who has the right to access specific pieces of information about them, with a high degree of granularity.

"Sovereign Wallet Network (SWN) Global is working to revolutionalize the global financial space and create an ecosystem of products that foster the future of finance through our MetaMUI self-sovereign-identity-based blockchain."

Self-sovereign identity promises to return personal data to the people providing it rather than letting it sit precariously in the hands of businesses that have repeatedly failed to secure it.

Combining a self-sovereign digital identity system with a system of consent receipts not only ensures that a company handles its customers' personal data correctly, but also that a company can now recognise its customers no matter what products they buy.

Technologists building blockchain-based self-sovereign identity (SSI) tools are collaborating on an "immunity passport" to help stop the spread of COVID-19 without compromising the privacy of users.

This Fed paper develops a model where persistent trade shocks create demand for a basket- backed stablecoin, such as Mark Carney's "synthetic hegemonic currency" or Facebook's recent proposal for Libra. In numerical simulations, we find four main results. First, because of general equilibrium effects of the basket currency on the volatility of currency values, overall demand for that currency is small. Second, despite scant holdings of the basket, its global reach may contribute to substantial increases in welfare if the basket is widely accepted, allowing it to complement holdings of sovereign currencies. Third, we calculate the welfare maximizing composition of the basket, finding that optimal weights depend on the pattern of international acceptance, but that basket composition does not significantly affect welfare. Fourth, despite potential welfare improvements, low demand for the basket currency from buyers limits sellers' incentives to invest in accepting it, suggesting that fears of a so-called global stablecoin replacing domestic sovereign currencies may be overstated

Money is too important to be left to central bankers. At the end of World War I, French prime minister Georges Clemenceau said, "War is too important to be left to the generals." Similarly, I feel that money is too important to be left to central bankers. A free society has so much to gain from the modernization of our financial system that could be brought about by crypto. But it has so much to lose if it doesn't have a say in what values are going to be encoded in the future of money, whether it's non-sovereign money of the likes of Diem or whether it's sovereign money in the form of a digital dollar.

The "Blockchain Trilemma" is a term used to describe the challenge of increasing performance, security, and decentralisation at the same time. Current enterprise blockchains are not truly decentralised. They may be structurally decentralised, but are operationally centralised. By reversing this, having structurally centralised, but operationally decentralised architecture, a CBDC can achieve a high-performance blockchain. However, any blockchain-based CBDC should not only solve the blockchain trilemma, but also the CBDC design trilemma, which notes that identity, privacy, and programmability cannot be easily enhanced at the same time. A CBDC cannot ignore privacy for the sake of achieving legal compliance and implementing programmable money. From an expertise point of view, the answer to this trilemma is the use of a decentralized identity system such as self-sovereign identity (SSID) to find the perfect equilibrium for the CBDC design trilemma. Self-sovereign identity is very popular for its advanced privacy protection. By having an SSID-based blockchain system, a CBDC can incorporate both privacy and transparency into the blockchain-based CBDC system. Additionally, a use of zero-knowledge encryption to protect the transaction privacy of blockchain data is highly recommended for any CBDC implementation.

SOV (short for "sovereign") is a blockchain-based currency and the new legal tender of the Republic of the Marshall Islands.

The issuance of the Marshallese sovereign (SOV) was announced in an essay by The Honorable David Paul - Minister In-Assistance to the President and Environment of the Marshall Islands - published by Coindesk on Sept. 4.

Evernym is using distributed ledger (blockchain) technology. They've created a blockchain-based platform called Sovrin (pronounced like "sovereign") that aims to solve the digital identity problem.

The SOV Development Foundation, a Marshall Islands foundation overseeing the development, distribution and implementation of the Sovereign (SOV) blockchain, today announced its board of economic and technical advisors as the final phase in preparation for the first public auction of rights to the SOV, a blockchain-based cryptocurrency and the official legal tender of the Marshall Islands.  The Marshall Islands and the SOV Development Foundation are ushering in a groundbreaking development in decentralized finance (DeFi), which is transforming the finance industry and now one of the fastest growing sectors in crypto.

Afghanistan, Tunisia and Uzbekistan are currently mulling the possibility of a Bitcoin bond.

A "self-sovereign identity" system, in which consumers are able to protect their own data, is being developed by the participants for faster services. For instance, a student can be issued a new ID in less time as they won't have to submit related papers in person, thanks to blockchain technology.

For cryptocurrencies to be broadly accepted forms of digital money they will need consumer trust and confidence. Building consumer confidence in new digital currencies will require participation of intermediary institutions and a much greater level of regulation than currently exists. In response to concerns about existing forms of cryptocurrencies, governments are likely to investigate or implement their own digital currencies to prevent disruption to sovereign money and the ability to manage the wider economy.

It is easy to imagine a scenario in which rescuing Libra could require more liquidity than any one state could provide. Recall Ireland after the 2008 financial crisis. When the government announced that it would assume the private banking sector's liabilities, the country plunged into a sovereign debt crisis. Next to a behemoth like Facebook, many nation-states could end up looking a lot like Ireland.

Hope lies in tools such as zero-knowledge proofs and in emerging "self-sovereign" identity concepts, as well as in a more open-minded regulatory model for curtailing crime - one that doesn't depend on revealing people's personal identifying information. But these are a ways off; they will require user adoption and; to a still large extent, belief in them by policymakers.

This paper analyzes remittance operations with and without cryptocurrency and blockchain technologies in general and present pros and cons of Libra for cross-border payments and money transfers. We also present a brief discussion on challenges posed by global cryptocurrencies to central bank governing bodies all over the world and policy implications arising out of potential conflicts between sovereign currencies and future of global cryptocurrencies such as Libra.

After China rolled out the pilot test of its sovereign digital currency, or Digital Currency Electronic Payment (DCEP) last April, commercial banks have continuously come up with new design ideas for hardware wallets to be used with the new "Digital Yuan".