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Palau to issue stablecoins for its digital overhaul, president says


forkast.news 14 January 2022 08:12, UTC
Reading time: ~2 m

Palau will issue a stablecoin to support plans for a digital overhaul of its economy, according to its president.

Fast facts

  • President Surangel S. Whipps, Jr. said that the Pacific archipelago was also working on establishing a crypto exchange, a corporate registry and digital wallets for each resident in its digital revamp.
  • Palau is planning a “digital residency” program in partnership with blockchain firm Cryptic Labs that would allow anyone in the world to apply.
  • “Having been dependent on tourism, we’ve really suffered financially with the pandemic,” Whipps said, adding that: “Leaning into blockchain, starting with this partnership, seemed like a natural step for us.”
  • Home to under 20,000 people, 50% of the Pacific island nation’s GDP came from the tourism industry in 2018, which has been severely impacted by the global pandemic.

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