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Some countries are keen to get on board the crypto train and are considering creating national stablecoins despite
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Occasional setbacks such as bankruptcies or arrests of some of its most prominent players.
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The Republic of Palau is one of the countries interested in this venture.
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Its president, Surangel S. Whipps Jr, stated that the country's IT department was working closely with Ripple Labs to
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Explore the possibility of launching "national stablecoins," as he explained to Bloomberg's Joanna Ossinger.
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The president of Palau, an archipelago with over 500 islands that is part of the Micronesia Region in the western Pacific Ocean, explained Palau's digital assets strategy.
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He said Palau had to diversify its economy and look for new ways to innovate.
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He also mentioned the Digital Residency Act, one example of such efforts.
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President said “Palau is also taking a step in collaborating with Ripple to explore the creation of national stablecoin, which we hope to launch soon, and which will help make payments easy and secure.”
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Whipps Jr. also highlighted the support of Binance CEO Changpeng Zhao, who visited Palau.
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He discussed possible collaboration on the digital residency program.
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"As well as using Binance Pay to make payments for digital residents and taking part in local commerce, Binance Pay is an option."
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The president of Palau also stressed that he had a virtual conversation with Vitalik Buterin, Ethereum's co-founder.
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They discussed opening up R&S ID to developers and how Palau can "engage with the concept of so-bound ID systems."