Palau partners with Ripple to develop eco-friendly digital currency
Fintech company Ripple has been making several strides to develop its business in Asia-Pacific. It has now partnered with the Republic of Palau, an island country in Oceania to formulate a digital currency strategy.
According to the announcement, the alliance will focus on the strategic development of cross-border payments and US dollar-backed digital currencies specifically for the Republic of Palau. Both parties are aiming to introduce the world’s first government-sponsored stablecoin in the first half of 2022.
As part of the partnership, Ripple would provide “technical, business, design and policy support” to the country. On the other hand, Ripple will be able to provide alternatives to CBDCs such as providing stablecoins based on XRP Ledger (XRPL) to countries like Palau.
“The first phase of the partnership will focus on a cross-border payments strategy and exploring options to create a national digital currency, providing the citizens of Palau with greater financial access,” said Palau President Surangel S. Whipps of the partnership.
The Republic of Palau is a republic located in the Pacific Ocean and is said to be the third least populated country in the world. Currently facing some of the adverse effects of climate change, the republic chose Ripple because XRP Ledger is “carbon-neutral and 120,000x more energy-efficient than proof-of-work blockchains.”
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