Ripple to develop national digital currency for Palau

Thursday 25 November 2021 11:00 CET | News

Ripple, a digital payment network, has partnered with the Republic of Palau to help the Pacific Island nation develop its own digital currency.

The initial focus of the partnership will see the development of a US dollar-backed digital currency to help facilitate cross-border payments for the nation. According to Ripple’s official announcement, the collaboration ‘could see the implementation of the world’s first government-backed national stablecoin in the first half of 2022’.

As an island nation, Palau is vulnerable to some of the effects of climate change, and Ripple said this was one of the reasons it was chosen for the job. The firm said the XRP Ledger is ‘carbon-neutral and 120,000X more energy-efficient than Proof-of-Work blockchains’.

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Keywords: partnership, Ripple, digital currency
Categories: DeFi & Crypto & Web3
Countries: Palau
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DeFi & Crypto & Web3

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