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HomeCrypto NewsMarketRipple partners with Republic of Palau to develop USD backed digital currency.

Ripple partners with Republic of Palau to develop USD backed digital currency.


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Global digital payment service network Ripple has partnered with the Republic of Palau to develop a USD-backed digital currency that will enable seamless cross-border transactions.

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Ripple said the collaboration has the potential to run the world’s first government-backed national stablecoin. The company further stated that the national digital currency could be implemented as early as the first half of 2022. However, such a currency cannot necessarily be classified as another CBDC, Ripple clarified.

“As part of our commitment to lead in financial innovation and technologies, we are delighted to partner with Ripple,” said President Surangel Whipps Jr. “The first phase of the partnership will focus on a cross-border payments strategy and exploring options to create a national digital currency, providing the citizens of Palau with greater financial access.”

Palau chose Ripple because it’s carbon-neutral and 120,000x more energy-efficient than proof-of-work blockchains. Ripple by far is the most eco-friendly compared to other blockchain ledgers available. Not only is Ripple more eco-friendly, it also provides benefits such as scalability, speed, and low cost.

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For Palau, a partnership with Ripple means different levels of technical, sales, design and policy support. For Ripple, exploring a USD-backed stablecoin and its associated use cases is crucial to developing a viable alternative to central bank digital currencies.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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