Key Points:

  • Whipps Jr. announced that the country is collaborating with Ripple to create a national stablecoin.

  • Central bank digital currencies, as well as conventional cryptocurrencies and blockchain technologies, may be complementary.

In a conversation, the president of Palau, Surangel Whipps Jr. discussed the country’s digitization and what they are attempting to embrace in terms of future advances. The president declared that the country is working with Ripple to develop a national stablecoin.

Cryptocurrencies have lately gained worldwide traction. Countries of all sizes are attempting to digitalize their economy and include blockchain and cryptocurrencies. Several central banks are attempting to develop their own digital currencies, while others are attempting to introduce stablecoins.

Palau is the most recent country to join the bandwagon. Palau is an island nation and a microstate with a population of only 20,000 people. Surangel Whipps Jr., the president of Palau, revealed significant insights regarding the country’s digitization and the eventual adoption of blockchain in one of the most recent interviews with Bloomberg.

He indicated that they intend to deploy the stablecoin shortly, making payments easier and safer.

Whipps Jr. also discussed CZ’s (Binance CEO) recent visit to the nation and their discussions about how to utilize Binance Pay to make payments easier for the country’s digital population.

   

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.

The president also indicated that central bank digital currencies, as well as conventional cryptocurrencies and blockchain technologies, may be complementary.

As the previous report, Coincu indicated that a Tanzanian fintech business and representative of Modulr, Ripple-enabled remittances would soon be expanding from 19 European nations into Africa.

With the help of MFS Africa and Ripple’s financial technology, RippleNet, people and businesses in Africa will be able to send money across borders in real-time utilizing the On-Demand Liquidity (ODL) solution for crypto-enabled payments.