Ripple CBDC Advisor reacts to the inclusion of peer-to-peer feature that allows citizens to transfer funds from wallet to wallet without transaction fees on the Palau stablecoin project.
In an exciting turn of events, the stablecoin project of the Republic of Palau now has a peer-to-peer feature set to transform the payment initiative further.
Jay Hunter Anson, Palau Digital Residency Office Director, disclosed the recent development in a recent post. Anson took to X (fka Twitter) on Wednesday to excitedly share the new use case for the Palau stablecoin (PSC).
In the tweet, Anson revealed that citizens of Palau now have the added advantage of transferring funds from wallet to wallet. According to the official, this innovation presents a remarkable solution for cultural collections.
💯BONUS: Palauans are able to transfer wallet to wallet. Use case for cultural collections (I.e. Badek) that saves time, gas, money, standing in line, and no risk of cash being stolen or lost.
— Jay Hunter Anson (@JHX_1138) August 9, 2023
Furthermore, Anson noted that the feature will streamline processes and eliminate the hassles of time-wasting and transaction fees. It also includes security convenience to mitigate the risks associated with physical cash transactions.
Moreover, the tweet emphasized the numerous benefits of the development, including cost-effectiveness, carbon neutrality, and environmental responsibility. According to the official, the PSC initiative aligns with “Blue Economy” principles, which adapts to local culture.
Ripple CBDC Advisor Reacts
Recognizing the significance of this advancement, Ripple CBDC advisor, Anthony Welfare, lauded the wallet-to-wallet transfer use case. Welfare expressed that person-to-person payments without incurring costs are a fantastic feature for Palau stablecoin and other Central Bank Digital Currencies.
This is a fantastic use case for the Palau stablecoin and other CBDC’s – the ability to send payments from one person directly to another (P2P) with no costs, built in security and no need to be in the same geographic location (which you need to do with cash 💰) 👌
Thanks Jay… https://t.co/fEOT7aGtlx
— Antony Welfare (@AntonyWelfare) August 10, 2023
Additionally, he highlighted the added layer of security coupled with eliminating geographic limitations for transactions. Put together, these further underscore the transformative impact of the innovation.
Welfare’s positive remarks underscore digital currencies’ growing importance and potential to revolutionize financial transactions. He expressed gratitude to Jay Hunter Anson for spearheading the pioneering initiative.
Notably, the Palau Finance Ministry recently achieved a significant milestone, gaining the capability to securely mint, distribute, and process inbound redemptions.
It is worth mentioning that the Palau Stablecoin project runs on Ripple’s cross-border payment solution. As The Crypto Basic reported, live tracking of the PSC development has become possible on the XRP Ledger (XRPL).