Cryptocurrencies have been gaining global traction recently. Countries, whether they’re big or small, are trying to digitalize their economies and incorporate blockchain and cryptocurrencies. Several central banks are trying to launch their own central bank digital currencies, while others are trying to launch their own stablecoins.
The latest country to hop on the bandwagon is Palau. Palau is an island country and a microstate with only 20,000 people. In one of the latest interviews with Bloomberg, the president of Palau, Surangel Whipps Jr., unveiled interesting details about the country’s digitalization and the future incorporation of blockchain.
Whipps Jr. also announced that the country is collaborating with Ripple to create a national stablecoin.
Palau to launch a stablecoin in collaboration with Ripple
Whipps Jr. spoke about the country’s digitalization and what they are trying to incorporate in terms of further developments in the future during the interview. The president announced that the country is collaborating with Ripple to explore the creation of a national stablecoin.
He stated that they are planning to launch the stablecoin soon, which will help to make payments easier and more secure.
Whipps Jr. also spoke about CZ’s (the CEO of Binance) recent visit to the country and their conversations about how to make use of Binance Pay to make payments easier for digital residents of the country.
“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 stated that central bank digital currencies and general cryptocurrency and blockchain technology can complement each other.