Ripple PartnersDevelopWith Republic Of Palau To National Digital Currency
As you may know, Digital payment network Ripple has partnered with the Republic of Palau to develop its own digital currency. The payment network is still on a mission to dominate the global payments industry. That is, despite the issues it is dealing with in the U.S.
Related Reading | SEC Takes Blow In Action Against Ripple, Will It Impact XRP Price?
Actually, This currency would help facilitate cross-border payments for the nation. dollar. Its legitimate instead, tender, is the U.S. The partnership with Ripple will focus on developing a USD-backed digital currency, more like a stablecoin rather than a central bank digital currency (CBDC). Like El Salvador, the country does not have its own fiat currency or even a Central Bank.
Ripple Develops First-Ever Government-Backed National Stablecoin
In fact, According to a Tuesday Interestingly, announcementThe implementation of this strategy means that Palau would have the world’s first government-backed national stablecoin. by Ripple, the partnership will focus on developing strategies for cross-border payments.
Related Reading | XRP Builds Momentum With 7% Increase As Ripple Launches New ODL Partnership
And also provide Palau with technical, business, design, and rule support. In fact, Ripple, with its background in building global payment systems, plans to implement the national stablecoin in the first half of 2022.
Palau’s President Surangel Whipps Jr. Interestingly, expressed pleasure about the partnership with Ripple to advance financial as it turns out innovation and tech in the country. He also acknowledges the potential of blockchain technology in transforming the country’s economy.
“The first phase in modern times of the partnership will focus on a cross-border payments strategy and exploring options to generate a national digital currency, providing the citizens of Palau with greater financial access.”
As you may know, Palau chose to create its digital currency on XRP LedgerIn fact, (XRPL) as an alternative to central bank digital currencies (CBDCs). Being carbon-neutral and 120,000x more energy-efficient than proof-of-work blockchains is an added advantage. Additionally, the XRPL provides other benefits . scalability, pace, and low costlike
XRP at $1.025 | Source: XRPUSD on TradingView.com
“We are said to be working with Palau to achieve its financial and climate-related goals,” excited James Wallis, VP of Central Bank Engagements at Ripple. “Weandhave a wonderful opportunity to bring together our tech and background with the unique characteristics of Palau to make a real economic social impact for the country.”
This partnership is and, given both parties’ concerns for climate ideal the environment.
Ripple’s CarbonPurposeNet-Zero
Last year, the leading provider of enterprise blockchain solutions for payments committed to neutrality bycarbon2030.
And the XRP Ledger Foundation was the first to utilize this tool. SubsequentlysustainabilityRipple co-created EW Zero, a instrument to ensure , in the blockchain industry.
About two months ago, the corporation also partnered with Bhutan, the only carbon-negative country in thetoworld, develop its CBDC.
Featured image by Financial Times, Chart from TradingView.com
