Ripple is going to Help the Republic of Palau in Coming up with a Digital Currency
It would no longer come as a surprise if a country wishes to adopt cryptocurrencies or plans to launch its own central bank digital currency (CBDC). With the amount of progress and success the digital currency technology has demonstrated, almost every country wants to adopt it.
Just like the rest of the world, the Republic of Palau wants to have its hands on digital money. This is the reason why the Republic of Palau was eagerly looking for a firm that could help it achieve its goal. Finally, the searching has ended and the Republic of Palau has found Ripple as the main supporter of its ambition.
The Republic of Palau has revealed that it has recently partnered with Ripple in order to come up with a suitable digital currency. The Republic of Palau has been waiting eagerly to launch its own stablecoin that with be pegged with the USD, backed by the government.
Despite the troubles and problems, Ripple has been going through since December of 2020, it hasn’t hindered in terms of making progress. The development teams behind Ripple have been going through several developmental projects with different governments from around the world.
This time, it is aiming to support the Republic of Palau for the creation of its digital currency. Once again, Ripple is ready to help another country in the creation of a digital currency.
Although Ripple is not seeing eye to eye with the country where it originated from “the United States”, the technology is constantly being approached by other countries wanting exposure in digital currencies.
In the United States, Ripple has been in a scuffle with the Securities and Exchange Commission (SEC). The US SEC is of the view that Ripple attempted to sell its securities over to the US locals without the proper approval. On the other hand, Ripple has completely denied such claims and they have been at each other since December of 2020.
It has been revealed that the Republic of Palau is now collaborating with Ripple and it will be issuing its own digital dollar. Once the issuance process begins, the country will be circulating the digital USDs internally. Once it finishes working on the digital currency back with the USD, it will come up with more uses case for the currency. One of the major use cases for the new digital currency would be corporate registers.
The reason why the Republic of Palau has partnered with Ripple for the creation of digital currency is that it has no Central Banking entity. Therefore, the Republic of Palau will be looking forward to working with Ripple for the creation of digital currency.