Palau’s Successful Stablecoin Pilot Sparks National Implementation Plans
Palau has reported the success of the initial phase of its stablecoin pilot in a recent release, emphasizing the positive outcomes and popularity of the Palau stablecoin (PSC).
Launched in June 2023 with the participation of 200 volunteers and utilizing Ripple Ledger technology, the pilot saw over 700 transactions, with more than 400 being payments to retail merchants. Despite facing initial opposition from some government officials, both participants and retailers had positive experiences with the PSC as a digital payment system.
While the report doesn’t explicitly mention a second phase, the Ministry of Finance (MOF) expressed the long-term goal of implementing PSC nationally. Future phases will focus on expanding the stablecoin’s reach, involving more financial institutions, retail businesses, and individuals, with a commitment to compliance. The MOF emphasizes the need to establish a legal framework to ensure the security and transparency of transactions within the stablecoin network, fostering trust and reliability in this innovative payment system.
Clever Robot News Desk 12th December 2023
