Ripple Partners With Republic Of Palau To Develop National Digital Currency
Digital payment network Ripple has partnered with the Republic of Palau to develop its own digital currency. The payment network is still on a mission to dominate the global payments industry. That is, despite the issues it is dealing with in the U.S. Related Reading | SEC Takes Blow In Action Against Ripple, Will It Impact XRP Price? Like El Salvador, the country does not have its own fiat currency or even a Central Bank. Its legal tender, instead, is the U.S. dollar. The partnership with Ripple will focus on developing a USD-backed digital currency, more like a stablecoin rather....
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The partnership will help Palau be climate-friendly while enhancing its cross-border payments and digital currency technologies. Ripple, the digital payment network, has partnered with the Republic of Palau to help the Pacific island nation develop its own digital currency.The initial focus of the partnership will see the development of a USD-backed digital currency to help facilitate cross-border payments for the nation. The collaboration “could see the implementation of the world’s first government-backed national stablecoin in the first half of 2022” according to Ripple's....
In a surprising turn of events, Jay Hunter Anson, the Digital Residency Office Director at the Palau Ministry of Finance, announced the cessation of the Ripple based Palau Stablecoin (PSC) pilot program. The announcement came via Twitter, where Anson stated, “On Friday we will cease distribution of the Palau Stablecoin. For those with PSC still […]
Ripple Labs managed to stay strong in 2021 despite the Securities and Exchange Commission (SEC)’s “attack on crypto”, AKA the lawsuit against Ripple and its executives. Now the payments solutions company celebrates its “strongest year ever”. Ripple CEO Brad Garlinghouse announced the achievements and had some comments to share about the SEC’s case. Ripple’s first On-Demand Liquidity (ODL) was launched earlier this year during 2021’s Q3. It is a payments solution that “allows customers to instantly move money around the world at any time”.....
Days after the arrest of Do Kwon, the founder of Terra Labs, on fraud charges, Montenegro announced its intention to develop a central bank digital currency (CBDC) in partnership with Ripple, a blockchain company. Montenegro Partners With Ripple For CBDC Montenegro has expressed interest in digital currencies and approached Ripple to develop a pilot program and […]
The Pacific island nation is now offering a digital residency and blockchain-based verified ID, which can be used for KYC and ID verification. The Republic of Palau and blockchain development firm Cryptic Labs announced the launch of the Root Name System (RNS), a digital residency program on Tuesday.To inaugurate the partnership between Palau, Cryptic Labs and the sovereign-backed digital residency program, Palau’s President Surangel S. Whipps Jr. signed an agreement to grant “all global users” digital residency through the RNS under the country’s Digital Residency Act.The Republic of....