Republic of Palau partners with Ripple to develop digital currency strategy

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Business Wire India

Ripple, the leading provider of enterprise blockchain and crypto solutions for cross-border payments, has partnered with the Republic of Palau explore the country’s first national digital currency and its use cases with the XRP Ledger (XRPL).

The partnership will initially focus on developing strategies for cross-border payments and a USD-backed digital currency for Palau. This could see the implementation of the world’s first government-backed national stablecoin in the first half of 2022 for which Ripple would provide Palau with technical, commercial, design and policy support. Meanwhile, explore a USD-backed stablecoin and associated use cases, such as a business ledger, on the XRP Ledger could provide a viable alternative to central bank digital currencies (CBDCs) for countries like Palau.

“As part of our commitment to lead innovation and fintech, we are delighted to partner with Ripple,” said President Surangel S. Whipps Jr. “The first phase of the partnership will focus on a payments strategy cross-border and on the exploration of options. create a national digital currency, providing citizens of Palau with better financial access.

Palau understands the potential of financial technologies, including blockchain, to transform its economy and position the country as a highly desirable country to do business with. The same technologies will also transform the way its citizens access financial services and enable efficient cross-border remittances.

As established leader in the global climate debate, Palau chose Ripple because of its vast experience in blockchain and building global payment systems, and XRP Ledger because it is carbon neutral and 120,000 times more energy efficient as proof-of-work blockchains. In addition, the XRPL offers significant advantages such as scalability, speed and low cost.

“We are delighted to be working with Palau to achieve its financial and climate goals,” said James Wallis, vice president of central bank commitments at Ripple. “We have a wonderful opportunity to combine our technology and experience with the unique characteristics of Palau to have a real economic and social impact for the country. “

The XRP Ledger offers financial institutions and government agencies such as Palau the ability to fully settle transactions for fractions of a penny and in just 3-5 seconds. To date, over 5,400 currencies have been issued and traded on the XRP Ledger through its decentralized exchange (DEX) and personalized token functionality that makes it easy to create, issue and manage any asset, including stablecoins.

To learn how to issue stable coins on XRP ledger, visit Ripple previews.

Ministry of Finance of Palau

The vision of the Ministry of Finance of the Republic of Palau is to be widely recognized for sound financial management services that promote accountability, continued productivity of government services and economic growth. The ministry’s mission is to ensure accountability, continued productivity of government services and economic growth by promoting policies and sound management of expenditures, revenues, funding and human resources. Ultimately, the Ministry of Finance aims to serve the Republic of Palau with integrity and character with zero tolerance for fraud or corruption.

Ripple

Ripple is doing for value what the Internet has done for information: enabling its instant and transparent flow around the world. We call it the Internet of Value (IoV). Using blockchain and cryptocurrency technology, Ripple is dedicated to creating powerful gains in financial efficiency, equity, and inclusion. In addition, Ripple develops and activates future use cases that catalyze the new digital economy for governments, businesses and consumers.

Ripple has offices in San Francisco (HQ), New York, London, Mumbai, Singapore, São Paulo, Reykjavík, Washington DC and Dubai.


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