The over 500-island archipelago is likewise planning on distributing NFT identification cards to its digital residents.
As reported by Wu Blockchain, the island nation of Palau collaborated with the blockchain technology startup Ripple to build a national stablecoin for the nation.
President Surangel Whipps Jr. participated remotely in a panel discussion on web 3.0, Metaverse, and the future of blockchain. He discussed the nation’s digital residency policy and national stablecoin initiative.
According to President Whipps, Palau’s national stablecoin will shortly debut in conjunction with Ripple, facilitating simple and secure digital transactions.
The United States dollar is the official currency of Palau, which lacks an established Central Bank. The objective of the national stablecoin project is to develop a stablecoin backed by the US dollar. This, according to the president, would be a “move toward our own Central Bank Digital Currency.”
President Whipps, referring to the stablecoin initiative, stated: “We think this is vital, and it will facilitate the on-ramp for Fiat vehicles. Our digital inhabitants will also have access to financial services, and the Binance Pay choices will facilitate sales. We really think that they do not compete, but rather are symbiotic and can grow the crypto ecosystem by working together.”
President Whipps said that after addressing the problems of the epidemic, the government sought to diversify its economy and implemented the Digital Residency Act earlier this year to assist diversification. The statute permits persons to get digital identification from Palau via a digital procedure.
Even though it has been gaining traction since its inception, President Whipps said that the nation is seeking to enhance acceptance by expanding the digital residency scope. He declared:
“We are also studying additional capabilities that we may provide, such as e-corporation registration, so that digital inhabitants can do worldwide business using Palau’s easy R&S portal. On this platform, we hope people will be able to manage their identities, connections, and e-corporations.”
President Whipps said that prominent crypto CEOs like Changpeng Zhao (CZ) of Binance and Vitalik Buterin (ETH) of Ethereum have shown interest in the nation’s digital identification initiative. According to President Whipps, CZ travelled to Palau to examine partnership opportunities, whilst Buterin met electronically with the president to discuss growing the country’s ID ecosystem.
Also Read: Japan Is Expected To Remove Its Prohibition On Stablecoins In 2023
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