The Republic of Palau will work with a well-established altcoin project to bring the idea of a ‘national stablecoin’ to life. Another positive news for stablecoins came from Japan today.
Republic of Palau chooses this altcoin project for new stablecoin
Despite the high-profile bankruptcies that occurred throughout the year, some countries are welcoming the crypto market. The Republic of Palau has taken a concrete step in this regard. Its President, Surangel S. Whipps Jr., announced the start of work on “national stablecoins.” In this context, Ripple (XRP) will help the Republic of Palau develop stablecoins. S. Whipps shared that the country’s IT team is actively working with blockchain company Ripple Labs.
The country has serious preparations for cryptocurrencies
Consisting of more than 500 islands in the Micronesia region of the western Pacific Ocean, the country wants to spread Blockchain technology into everyday life. In this way, the country, which has a very small population and economy, will start national development with various financial instruments. Palau authorities also want to “take advantage of new technologies” to seek ways to be more innovative. In the words of President Surangel S. Whipps Jr.:
Palau is also taking a step forward to collaborate with Ripple to explore the creation of the national stablecoin we hope to launch soon, which will help make payments easy and secure.
Binance has plans inside
The chairman also highlighted the support of Binance CEO Changpeng Zhao. The two had previously met during CZ’s visit to discuss possible collaboration on the digital residency program. However, the chairman shared that he had a virtual meeting with Ethereum (ETH) co-founder Vitalik Buterin. He said that they exchanged ideas on the digital identity ecosystem.
Other altcoin projects with possible collaboration
When asked whether he believes Central Bank Digital Currency (CBDC) efforts will be symbiotic with private or decentralized crypto ecosystems, Chairman Surangel S. Whipps Jr. said:
We think they are symbiotic and can complement each other. In fact, CBDCs are really an idea that came out of cryptocurrencies and blockchain technology. Palau itself, we don’t have an established Central Bank, we use the dollar as the official currency. As we develop our collaboration with Ripple, our goal is to have a USD-backed stablecoin that is truly a step towards our own CBDC.
As a reminder, Palau launched the Root Name System (RNS) Digital Residence program in January to issue digital residents with ID cards in the form of BNB Chain-based NFTs.
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