Palau to concern stablecoins for its digital overhaul, president says

Palau will concern a stablecoin to help plans for a digital overhaul of its financial system, based on its president.

Quick information

  • President Surangel S. Whipps, Jr. stated that the Pacific archipelago was additionally engaged on establishing a crypto alternate, a company registry and digital wallets for every resident in its digital revamp.
  • Palau is planning a “digital residency” program in partnership with blockchain agency Cryptic Labs that will enable anybody on the planet to use.
  • “Having been depending on tourism, we’ve actually suffered financially with the pandemic,” Whipps stated, including that: “Leaning into blockchain, beginning with this partnership, appeared like a pure step for us.”
  • Residence to below 20,000 folks, 50% of the Pacific island nation’s GDP got here from the tourism business in 2018, which has been severely impacted by the worldwide pandemic.

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