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Palau is collaborating with Ripple to launch a national stablecoin

Palau’s President says the country is working with the remittance platform, Ripple to explore the creation of a national stablecoin.

By Anna B Kiwanuka

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Recently, cryptocurrencies have gained popularity on a global scale. Economies of all sizes are attempting to digitalize and include blockchain and cryptocurrency. A number of central banks are attempting to introduce their own digital currencies, while others are attempting to introduce stablecoins.

The latest country to hop on the bandwagon is Palau. Palau is an island country and a microstate with only 20,000 people. In one of the latest interviews with Bloomberg, the president of Palau, Surangel Whipps Jr., unveiled interesting details about the country’s digitalization and the future incorporation of blockchain.

Whipps Jr. additionally revealed that the nation is working with Ripple to develop a national stablecoin.

Whipps Jr. spoke about the country’s digitalization and what they are trying to incorporate in terms of further developments in the future during the interview. The president announced that the country is collaborating with Ripple to explore the creation of a national stablecoin.

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He stated that they are planning to launch the stablecoin soon, which will help to make payments easier and more secure.

Whipps Jr. also spoke about CZ’s (Binance CEO) recent visit to the country and their conversations about how to make use of Binance Pay to make payments easier for digital residents of the country.

“This is a new world for Palau, but we are excited to be part of it. One of the advantages that we have is we’re small and hopefully we can mobilize our Government and be more adaptive to the changes that need to be made in this fast-changing environment,” he emphasized.

The president also noted that central bank digital currencies and general cryptocurrency and blockchain technology can complement each other.


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