Palau to issue stablecoins for its digital overhaul, president says
forkast.news 14 January 2022 08:12, UTC
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Palau will issue a stablecoin to support plans for a digital overhaul of its economy, according to its president.
- 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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