Palau's national stablecoin will be launched soon in collaboration with Ripple, facilitating easy and secure digital payments.
Palau does not have a central bank, and the US dollar is the country's official currency.
Several countries around the world are attempting to digitalize their economy and include blockchain and cryptocurrencies. Several central banks are also attempting to develop their own digital currencies, while others are attempting to launch stablecoins.
Palau is the most recent country to jump on the cryptocurrency bandwagon. Palau is an island nation and microstate with a population of only 20k people. In one of the most recent interviews with Bloomberg, Surangel Whipps Jr., the president of Palau, revealed significant insights regarding the country's digitization and the eventual adoption of blockchain.
Whipps Jr. also stated that the country is working with Ripple to develop a national stablecoin.
During the interview, Whipps Jr. discussed the country's digitalization and what they are attempting to embrace in terms of future advances. The president announced that the country is working with Ripple to develop a national stablecoin.
He indicated that they intend to deploy the stablecoin soon, making payments easier and more secure.
Whipps Jr. also discussed Binance CEO CZ's recent visit to the country and their discussions about how to use Binance Pay to make payments easier for the country's digital population.
“Palau is entering a new world, but we are happy to be a part of it. We have the advantage of being small, which allows us to mobilize our government and be more adaptable to the changes that must be made in this fast-changing world.”
The president also remarked that central bank digital currencies, mainstream cryptocurrencies, and blockchain technology can complement one another.
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