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HomeLaw & PoliticsPalau to launch stablecoins for digitalization: President

Palau to launch stablecoins for digitalization: President

According to Palau ‘s president, stablecoins would be issued to assist plans for a digital transformation of the country’s economy.

President Surangel S. Whipps Jr. said the Pacific islands was looking at creating a cryptocurrency exchange, a corporate registry, and digital wallets for each resident as part of its digital overhaul.

Palau is working on a “digital residency” programme with blockchain startup Cryptic Labs that will be open to everyone in the globe.

“Being reliant on tourists, the epidemic has hit us hard financially,” Whipps said, adding that “leaning towards blockchain, beginning with this cooperation, seems like a logical path for us.”

The tourist industry, which has been badly hit by the global epidemic, contributed 50 per cent of the Pacific island nation’s GDP in 2018, despite having a population of less than 20,000 people.

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