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Republic of Palau Partners with Ripple to Develop the Country’s First National Digital Currency

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.

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