Recently, cryptocurrencies have gained popularity on a global scale. Economies of all sizes are attempting to digitize and include blockchain and cryptocurrency. A number of central banks are attempting to introduce their own digital currencies, while others are attempting to introduce stablecoins.
Palau is the most recent nation to join the bandwagon. Only 20,000 people live in the island nation of Palau, which is also a microstate. Surangel Whipps Jr., the President of Palau, revealed intriguing information regarding the nation's digitization and potential adoption of blockchain in one of his most recent interviews with Bloomberg.
Whipps Jr. further said that the nation is working with Ripple to develop a national stablecoin.
During the conversation, Whipps Jr. discussed the nation's digitization and the future advances they are attempting to embrace. The government is working with Ripple to investigate the development of a national stablecoin, the president declared.
He said that the stablecoin, which will make payments simpler and more safe, is shortly to be released.
Whipps Jr. also discussed CZ's (the CEO of Binance) recent trip to the nation and their discussions on how to use Binance Pay to simplify payments for the nation's digital citizens.
“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 added that blockchain technology, generic cryptocurrencies, and digital currencies issued by central banks can all work together.