Palau President Talks Stablecoin Plans Following Island Nation’s ‘Digital Residency’ Rollout

The Republic of Palau, an land federation successful the Pacific with conscionable nether 20,000 citizens, has partnered with blockchain probe steadfast Cryptic Labs to motorboat the world’s archetypal integer residency program.

The programme uses Cryptic Labs’ Root Name System (RNS) technology, allowing anyone from astir the satellite to apply. Once approved, users volition beryllium issued a non-fungible token (NFT) of their integer nonmigratory ID cards, giving them entree to Palau-based perks similar shipping services and a carnal address.

But that’s not each the land has successful store.

“Having been babelike connected tourism, we’ve truly suffered financially with the pandemic,” Palau President Surangel S. Whipps, Jr. told CoinDesk successful an interview. “Leaning into blockchain, starting with this partnership, seemed similar a earthy measurement for us.”

The concern is conscionable the archetypal blockchain-related task Whipps has planned for the land federation successful the coming years, helium said, citing however countries similar Singapore and El Savlador person been capable to diversify their economies with a digital-first approach.

“We’re moving connected having a crypto speech here. We’re moving connected a stablecoin. We’re moving connected a firm registry,” Whipps told CoinDesk.

Also connected the docket for citizens of Palau are integer wallets for each resident. Whipps said helium has already signed a memorandum of knowing (MOU) with crypto payments steadfast Ripple to marque it happen.

“One of the challenges that we person successful Palau is, it's hard to get pennies, it's hard to get quarters,” Whipps said. “Cash shortages are a existent happening here, truthful what integer wallets would truly supply is freedom, state from having to spell to the bank.”

If the ambitious docket comes to fruition, Palau would articulation the Marshall Islands successful the portion arsenic crypto-forward countries looking to carve retired an borderline successful the planetary economy.