Key takeaways:
- The nation’s Ministry of Finance formally inaugurated the second phase of the Palau Stablecoin (PSC) initiative.
- Anson further emphasized that the second phase of the PSC pilot program will concentrate on forming new partnerships for marketing and sustainable development objectives.
The nation’s Ministry of Finance formally inaugurated the second phase of the Palau Stablecoin (PSC) initiative.
The program’s second phase debut was verified on December 15 in a post on X (previously Twitter) by Jay Hunter Anson, a cybersecurity specialist in Palau and advisor to the Ministry of Finance.
Phase two of Palau’s cooperation with Ripple, according to Anson, is intended to enable the PSC team to take advantage of Ripple’s central bank digital currency (CBDC) platform and technical know-how. Pegged to the US dollar, PSC is a digital currency that uses Ripple’s XRP Ledger.
Anson further emphasized that the second phase of the PSC pilot program will concentrate on forming new partnerships for marketing and sustainable development objectives. Along with increasing user interaction and creating a digital ecosystem, phase two of the PSC program will strongly emphasize regulatory compliance.
Anthony Welfare, a strategic adviser for CBDC at Ripple, also offered his opinions on the second part of the PSC pilot program launch.
Welfare highlighted the benefits of digital currency based on blockchain technology, pointing to features like lower transaction costs and the possibility of mitigating the effects of money circulation on the environment.
The Ripple advisor also highlighted certain difficulties, like the difficulty of transferring conventional currency among Palau’s 340 islands. He also mentioned the exorbitant cost of mobile data in the nation.
Welfare stated that even during a power outage, citizens of Palau can carry out offline transactions with blockchain-based digital money like PSC.
On December 7, the Ministry of Finance for Palau declared the first phase of the PSC program to be successful. Three months of the first phase involved 168 government personnel who volunteered.
Each selected volunteer receives 100 PSC to spend at nearby shops participating in the initiative. Participants scanned a QR code using their phones to make payments. The volunteers and participating shops gave excellent feedback regarding using the virtual currency.
