Palau Collaborates With Ripple to Launch Countries First Stablecoin

• Palau is a microstate consisting of a group of islands.
• Whipps Jr. also mentioned Binance CEO CZ’s recent visit to the nation.

The popularity of cryptocurrencies like Bitcoin has been rising lately all around the world. Countries of all sizes are making efforts to digitalize their economies and adopt blockchain technology and digital currencies. Several national banks are working on introducing their own stablecoins or central bank digital currencies.

As of recently, Palau has joined the movement. Palau is a microstate consisting of a group of islands. Palau’s president, Surangel Whipps Jr., recently gave an interview with Bloomberg in which he discussed the island nation’s plans for digitization and blockchain implementation.

Banking on Crypto and Blockchain Tech

Whipps Jr. also shared the news that the government was working with Ripple to create a national stablecoin. During the conversation, Whipps Jr. discussed the country’s digitization and what they are working to include in terms of future improvements. The government has revealed that it would work with Ripple to investigate the possibility of developing a national stablecoin.

He said the stablecoin, which would facilitate safer and more convenient transactions, will be released shortly. Whipps Jr. also mentioned Binance CEO CZ’s recent visit to the nation and their discussions about how to use Binance Pay to simplify digital payments for citizens of the country.

The President stated:

“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 noted that generic cryptocurrency and blockchain technologies may work well with digital currencies issued by central banks.