Republic Of Palau Ceases Ripple Based Stablecoin On Friday, Here’s Why
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 […]
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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....
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....
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....
The tiny country introduced its digital residency program at the beginning of the year in the hope that it will help to retain the youthful population and attract business and industry. The Republic of Palau announced Friday that it will issue identification cards to its digital residents in the form of nonfungible tokens (NFTs) on Binance’s BNB Chain blockchain. Binance founder and CEO Changpeng Zhao (CZ) was on hand in the Pacific Island nation for the unveiling of the NFTs and to meet with Palauan President Surangel S. Whipps, Jr.Palau introduced its Root Name System (RNS) Digital....
Ripple Labs could be exploring the launch of a dirham-backed stablecoin in the United Arab Emirates (UAE), expanding beyond its existing US-dollar-backed stablecoin, RLUSD. This speculation arises following Ripple’s newest blog post dated November 7, 2024, titled “UAE Stablecoin Regulation: A Blueprint for Financial Innovation.” The post hints at significant interest by Ripple in a […]