Palau Launches Second Phase of Stablecoin Program, Boosting Digital Ecosystem with Ripple's Help
Summary:
Palau's Ministry of Finance has initiated the second phase of the Palau Stablecoin Program, aiming to expand the digital ecosystem and boost user interaction. Ripple's central bank digital currency (CBDC) advisor, Anthony Welfare, emphasized the benefits of a blockchain-based digital currency, noting its potential to lower transaction costs and address environmental issues. With the help of Ripple's technology, Palau can conduct offline transactions across its many islands, even during power outages. The announcement follows the successful completion of the program's first phase, which received positive feedback from participating volunteers and retailers.
The Palau Stablecoin (PSC) program's second phase has been officially initiated by Palau's Ministry of Finance. The news was made public by Jay Hunter Anson, the country's cybersecurity consultant. This phase signifies Palau's intention to further its collaboration with Ripple, utilizing their technology and know-how for expanding the scope of the PSC program. The PSC is a digital currency that is equal in value to the US dollar and is secured in a Federal Deposit Insurance Corporation-insured bank. These coins are circulated through the XRP Ledger by the government of Palau.
Anson went on to explain that this second phase of the PSC program will focus on marketing and sustainable development partnerships. The project's second phase aims to cultivate a digital ecosystem, boost user interaction, and ensure regulatory compliance.
Anthony Welfare, Ripple's dedicated advisor for Central Bank Digital Currency (CBDC), also shared his views on the initiative's second-phase launch on a social media platform formerly known as Twitter. Welfare underscored the strength of a blockchain-based digital currency, mentioning its potential to lower transaction fees and contribute to environmental sustainability. He highlighted the unique challenges faced in Palau, such as the complexity of transacting with traditional currencies across its numerous islands and the high cost of mobile data.
He then brought to light that residents can conduct offline transactions using blockchain-based digital currencies like PSC, especially during power outages. This announcement comes on the heels of Palau’s Ministry of Finance announcing the success of PSC's inaugural phase, which involved 168 government employee volunteers over three months. Each participant received 100 PSCs for use at local retail outlets involved in the program. The volunteers and retailers then shared their positive feedback about the experience of using digital money.
Published At
12/17/2023 10:48:55 AM
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