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