Palau is collaborating with Ripple to develop a “national stablecoin”

In spite of periodic setbacks, like the bankruptcies and arrests of some of its formerly famous players, several governments are considering the development of national stablecoins in an effort to get on the cryptocurrency bandwagon.

The president of Palau, a nation consisting of over 500 islands in the western Pacific Ocean and part of the Micronesia area, recently spoke on his country’s digital asset strategy, explaining that the passage of the Digital Residency Act was one example of Palau’s attempts to diversify its economy, examine ways in which it might be more inventive, and “take advantage of new technology.”

The President added, saying: “Palau is also investigating the possibility of working with Ripple to develop a national stablecoin, which we expect to introduce shortly and which will assist in facilitating simple and safe monetary transactions.”

In addition, Whipps Jr. brought up the assistance from Binance CEO Changpeng Zhao, who had attended Palau and looked into the idea of working on the digital residency program, “as well as taking use of Binance Pay to make payment systems for digital citizens, but also engaging in the local commerce.”

The president of Palau also highlighted his virtual meeting with Ethereum (ETH) co-founder Vitalik Buterin, during which they discussed the possibility of releasing the R&S ID ecosystem to the developer community and exploring “how Palau’s digital residency may connect with the notion of so-bound ID systems.”

Also Read: SEC Chairman Gary Gensler Warns Of Imminent Crypto Crush

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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