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- Palau will benefit from the agreement by improving its cross-border payments and digital currency technology while also reducing its carbon footprint
- The national digital currency, according to Ripple, may not be just another central bank digital currency, Ripple would give technical, business, design, and policy assistance to Palau
- Ripple is no stranger to environmental and climatic concerns. It stated its objective of being carbon net-zero by 2030 in February of this year, beginning with making XRP carbon net-zero via the EW Zero tool
Palau will benefit from the agreement by improving its cross-border payments and digital currency technology while also reducing its carbon footprint. The digital payment network Ripple has teamed with the Republic of Palau to assist in the development of the Pacific island nation’s own digital currency. The partnership’s initial focus will be on the creation of a digital currency backed by the US dollar to improve the country’s cross-border payments. According to Ripple’s release, the partnership may see the introduction of the world’s first government-backed national stablecoin in the first half of 2022.
The national digital currency, according to Ripple, may not be just another central bank digital currency, Ripple would give technical, business, design, and policy assistance to Palau. Meanwhile, for nations like Palau, researching a USD-backed stablecoin and accompanying use cases on the XRP Ledger such as a business registration might give a viable alternative to central bank digital currencies. The national digital currency, according to Palauan President Surangel Whipps Jr., would give the residents of Palau more financial access.
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Palau’s vulnerability to some of the consequences of climate change as an island nation is one of the reasons it was picked for the task, according to Ripple. The XRP Ledger is carbon-neutral and 120,000X more energy-efficient than Proof-of-Work blockchains, according to the company. They were pleased to be working with Palau to help them reach their financial and climate goals, said James Wallis, Ripple’s vice president of central bank relations. They have a fantastic potential to combine our technology and knowledge with Palau’s unique traits to have a significant economic and social effect.
Ripple is no stranger to environmental and climatic concerns. It stated its objective of being carbon net-zero by 2030 in February of this year, beginning with making XRP carbon net-zero via the EW Zero tool. Energy Web’s EW Zero is an open-source system that enables enterprises to acquire tokenized renewables in order to become carbon net-neutral. Ripple also led a $44 million fundraising round for Nelnet Renewable Energy, a fintech company that helps support environmentally aware activities around the US. Ripple has been working hard to resolve its dispute with the Securities and Exchange Commission about whether XRP tokens were issued as unregistered securities in 2013. Brad Garlinghouse recently stated that he believes the case is doing well and that it will be completed in 2022. The price of XRP is now at $1.05. This is up 0.42 percent this week, but it’s still down 5.47 percent for the month.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
