The island nation of Palau has reportedly partnered with cryptocurrency technology company Ripple to develop a stablecoin for the domestic market. kure blockchain.
The country’s president, Surangel Whipps Jr., is effectively I participated Panel on the future of Web 3.0, the Metaverse and Blockchain. He spoke about the country’s digital residency policy and the national stablecoin project.
According to President Whipps, Palau’s national stablecoin will soon launch in partnership with Ripple to facilitate easy and secure digital payments.
Palau does not have an established central bank and the country uses the US dollar as its official currency. The goal of the National Stablecoin Project is to launch a USD-backed stablecoin. The president said this would be “a step towards our own central bank digital currency”.
Regarding the stablecoin project, President Whips said:
“We feel this is important and will help ease the launch of Fiat. We truly believe they will not compete, but in fact they are symbiotic and can help each other and strengthen the crypto ecosystem.”
President Whipps said the government decided to diversify its economy after facing the challenges of the pandemic and passed the Digital Residency Act earlier this year to encourage diversity. This act allows individuals to obtain a digital identity from Palau through a virtual process.
Despite gaining momentum since its launch, President Whips said the country is exploring ways to increase adoption by expanding the reach of digital residencies.
“We are also looking at other features we can offer, such as e-enterprise registration, enabling digital residents to do business globally through Palau’s convenient R&S portal. We look forward to being able to manage contacts, electronic companies.”
President Whipps also said that major cryptocurrency executives such as Binance’s Changpeng Zhao (CZ) and Ethereum (ETH)’s Vitalik Buterin have shown interest in the country’s digital identity program. According to President Whipps, CZ personally visited Palau to discuss cooperation options. Meanwhile, Buterin met with the president online to discuss further expansion of his ID ecosystem in the country.