Palau has officially launched the second phase of its Palau Stablecoin (PSC) program, in collaboration with Ripple. Key aspects of this phase include:
Extended Partnership with Ripple: Palau aims to leverage Ripple's central bank digital currency (CBDC) platform and technical expertise for the PSC, a digital currency pegged to the US dollar and based on Ripple's XRP Ledger.
Focus on Digital Ecosystem and Engagement: The second phase emphasizes the development of a digital ecosystem, increased user engagement, and adherence to regulatory compliance. It aims to establish new collaborations for marketing and sustainable development goals.
Reduced Transaction Fees and Offline Transactions: Ripple's CBDC strategic adviser highlighted the benefits of blockchain-based digital currency, including reduced transaction fees and the ability to conduct offline transactions, which is crucial for areas with high mobile data costs or during power outages.
First Phase Success: The initial phase involved 168 government employee volunteers, each receiving 100 PSC to use at local retailers. The feedback from participants and retailers was positive, showcasing the practicality and acceptance of the digital currency.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.