Palau Accelerates Stablecoin Initiative with Launch of Phase 2
The Republic of Palau has officially entered the second phase of its stablecoin pilot, according to Jay Hunter Anson, a board member of Palau’s Ministry of Finance.
This new phase aims to strengthen the digital ecosystem, enhance accessibility, and promote user participation while prioritizing legal and regulatory compliance. Following the success of the initial phase, which involved over 700 transactions by 200 users, the expansion will include a broader range of users and use cases through educational initiatives.
Ripple continues its collaboration with Palau as a technology partner, leveraging its carbon-neutral central bank digital currency (CBDC) platform and technical expertise. Antony Welfare, a CBDC strategic advisor at Ripple, emphasized the benefits of adopting the Palau Stablecoin (PSC) in overcoming challenges posed by Palau’s geographical complexity, enabling offline payments and promoting financial inclusion. Anson sees the PSC pilot as a significant advancement, aligning with Palau’s commitment to innovation and financial modernization.
Clever Robot News Desk 19th December 2023
Related Article
