Palau And Ripple Partner Towards The Development Of The Country’s Stablecoin
The island nation of Palau and Ripple Labs, the parent company of XRP have agreed to collaborate on the production and advancement of a stablecoin currency for the nation.
Palau To Create Its Own Stablecoin
In a conference, Palau’s President Surangel Whipps Jr. laid out his goals and intentions for the future of his nation. He began by stating his plan to explore the web3, the metaverse, and the development of blockchain technology.
Whipps mentioned the country’s ongoing stablecoin project, which calls for the use of stablecoins in Palau in addition to various other web3 endeavors.
President Whipps claims that this established cooperation with Ripple will provide the foundation for the launch of the Stablecoin project. The launch of Stablecoin and this cooperation will make it easier and more secure to make virtual payments.
The currency and payment method used in Palau is still the US dollar because the country does not have a central bank.
With the help of this partnership, the nation will be able to issue its own digital stablecoin currency, which will be used for domestic payments and transactions but will be backed by U.S. dollars.
Whipps asserts with great anticipation that this initiative would herald the start of their entry into the web3 area as well as a new era for the country’s Central Bank Digital Currency.
Need For This Central Bank Digital Currency
He began by saying that this initiative is highly critical and significant to the nation since it will give both the nation and its citizens access to a broad range of banking and payment choices.
Whips contends that despite being a stablecoin, this is not a competitive currency and that, when utilized as the nation’s official digital money, it has many benefits for the country.
The government of Palau decided it was high time to locate a safe haven for their economy and diversify its reach after dealing with pandemic and inflation issues, thus they started mobilizing the use of stablecoins in the nation.
The government of Palau also passed a law this year granting citizens access to a local digital identity called a “digital residency act.”
Whipps also stated that Binance Executive CEO Changpeng Zhao expressed a strong interest in this digital identification effort during a trip he took to Palau to explore potential partnership opportunities.
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