Nabilah S
As reported, the island nation of Palau worked with the crypto technology company Ripple to create a stablecoin for the country. whoo, blockchain,
President Surangel Whips Jr. participated in a panel discussion about Web 3.0, the Metaverse, and the future of blockchain, even though he wasn’t there in person. He talked about the country’s policy on digital residency and the national stablecoin project.
national stablecoin
Presidential Whips say Palau’s national stablecoin will soon be released in partnership with Ripple. This will make digital payments easy and safe.
Palau does not have a Central Bank, and the US dollar is the country’s official currency. The National Stablecoin Project wants to make a stablecoin backed by USD. According to the President, it will be “a step toward our digital currency issued by our central bank.”.”
President Whipps talked about the stablecoin project and said”We believe it is essential and will make it easier to scale up fiat. Our digital residents will also be able to use banks, and it will be easier to offer banking options through Binance Pay. We’re sure that they don’t compete with each other. Instead, they help each other and make the crypto ecosystem stronger.
Digital Residency
President Whips said that the government decided to diversify its economy because of the problems caused by the pandemic. To help with diversification, the Digital Residency Act was passed early this year. People can get a digital identity from Palau through a virtual process made possible by the act.
Even though it has been growing since it started, President Whipps said that the country is looking for ways to get more people to use it by making digital residency apply to more people.
He said:”We also want to look into other features, like e-corporation registration, so that digital residents can do business worldwide through Palau’s accessible R&S portal. Be able to find e-Corporations, get in touch with them, and run them.
President whips also noted that prominent crypto executives such as Binance’s Changpeng Zhao (CZ) and Ethereum’s (ETH) Vitalik Buterin showed interest in the country’s digital identity program.
According to Presidential Whips, CZ traveled to Palau to explore collaboration options, while Buterin met with the President electronically to discuss growing the country’s ID ecosystem.
