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Palau Partners With Ripple As It Looks to Create National Digital Currency

YB WEB DESK. Dated: 11/30/2021 2:47:45 PM

The island country of the Republic of Palau has partnered with San Francisco, US-headquartered crypto solutions provider Ripple to explore the creation of its national digital currency. The partnership will first focus on developing avenues for inter-border payments that could be facilitated by this digital currency that will be backed by the US dollar, if all goes according to the plans. As part of the deal, Ripple will provide tech, business, design, and policy support to Palau. The government of Palau wishes to provide people with an alternate to bank currencies with expanded financial access. According to the announcement, if Palau gets a national digital currency, the authorities there are open to experimenting with its use cases on decentralised public blockchain called XRP Ledger (XPRL). Palau is a country with approximately 340 islands.