The President of Palau, Surangel Whipps Jr. revealed important information regarding the nation’s digitalization and potential adoption of blockchain.
Ripple says that Palau is aware of the potential of financial innovations, such as blockchain, to alter its economy and establish the nation as a very desirable place to do business. The same technology will change how its residents access financial services and make it possible for cross-border remittances to be sent quickly.
During the interview, the President of Palau discussed the nation’s digitalization and the future improvements they are aiming to integrate. The national stablecoin of Palau will launch soon in collaboration with Ripple, enabling quick and safe digital payments, according to President Whipps Jr. The President expressed his optimism that the stablecoin project created in partnership with Ripple will make it simple and safe for the nation to conduct local payments.
In this Panel, the President of Palau spoke of working w/ #Ripple on a “national stablecoin.” Of particular interest is the Digital Residency act which has attracted crypto luminaries like CZ & Vitalik . They are looking to become an offshore haven. https://t.co/b42vgxIu26 pic.twitter.com/ZLuoxY7Lao
— WrathofKahneman (@WKahneman) December 23, 2022
Whipps Jr. also discussed CZ’s (the CEO of Binance) latest visit to the nation and their discussions about how to use Binance Pay to simplify payments for the nation’s digital residents. President Whipps said: “We feel that this is important and it will help make Fiat on ramping easier. Our digital residents will also have banking access and through Binance Pay options will make offering easier too. We really believe that they don’t compete but they actually are symbiotic and they can help each other and strengthen the crypto ecosystem.”
The Republic of Palau does not have a functioning Central Bank, and the United States dollar is acknowledged across the country as the primary means of exchange. The creation of a USD-backed stablecoin is intended to be the result of the efforts of the national stablecoin initiative. The president referred to this as a “move toward our own Central Bank Digital Currency” in his remarks.
It is important to note that according to reports, some stablecoins have already been established on XRP Ledger. One such example is Stably, a FinTech business in the United States that is supported by venture money.
