The world’s first national digital coin could come to decentralized public blockchain XRPL in 2022.
Ripple is the technology project behind cryptocurrency XRP and is a digital payment network for financial transactions. The company recently announced a partnership with the Republic of Palau in the Micronesia region in the western Pacific Ocean.
The partnership will focus on developing strategies for cross-border payments and cryptocurrency adoption. Ripple plans to provide Palau with their full support in the implementation of the first government-backed stablecoin.
“The first phase of the partnership will focus on a cross-border payments strategy and exploring options to create a national digital currency, providing the citizens of Palau with greater financial access,”
said the President of Palau, Surangel Whipps Jr.
According to Ripple, the company is a leader in energy-efficient transactions and is experienced in blockchain technology and global payment systems. The XRP Ledger provides an open-source foundation to produce the most challenging projects, without being dangerous for the environment.
“We have a wonderful opportunity to bring together our technology and experience with the unique characteristics of Palau to make a real economic and social impact for the country,”
James Wallis, the Vice President of Ripple stated.
On the Flipside
- The price volatility of cryptocurrencies could cause issues for the citizens of Palau.
Why You Should Care
XRP is the seventh most popular cryptocurrency on the market, with a market cap of over $56 billion. Transactions made through Ripple are settled within seconds and only cost minimal fees, compared to the slow transactions and high fees charged by banks.