CZ travels to Palau to launch the BNB Chain-backed ID NFTs for the digital residency program

A new digital residency programme was launched by the small nation at the beginning of the year in an effort to retain its young population and attract new businesses and industries.

Nonfungible tokens (NFTs) on Binance’s BNB Chain blockchain will be issued to Palau’s digital inhabitants in the form of identity cards. Changpeng Zhao (CZ), the founder and CEO of Binance, was in Palau for the presentation of the NFTs and a meeting with President Surangel S. Whipps, Jr. of Palau.

In January, Palau launched its RNS Digital Residency programme. Cryptic Labs, a company located in California, was involved in the creation of the programme, which offers worldwide people Palauan identification cards. A physical version of the cards is already in existence.

In addition to KYC capabilities, RNS ID NFTs will be used for digital banking, on-chain signature verification, and access to services that need government-issued identity. At a news conference, Whipps stated: “We aim to build the Palauan dream.”

You and Binance have opened a door for new sectors and enterprises in Palau, and we hope that our young people will come back to Palau and participate in the latest technological advancements that are taking place throughout the world.”

Aside from digital residency laws, “we need to focus on more essential legislation, the Corporate Registry Act,” Whipps said. “It’s encouraging to know that Binance has committed to assisting us on the regulatory front.”

“We will surely consider future investment in the Palau ecosystem,” CZ stated in his answer. Traditional financial services like payment services, digital banks, and so on, are already on our radar outside of crypto.

On Palau, which has a population of little over 15,000 people, CZ said that it would be a “quite nice testing ground.” As a little country, Palau is able to move quickly to innovate and has a “sort of U.S.-driven” economy that is well-developed.

Also Read: According To The CEO Of Grayscale, Pension Funds Are Actively Pursuing Bitcoin Diversification