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Republic Of Palau Partners With Ripple To Create Digital Currency

Stefan by Stefan
24/11/2021
in Ripple News
Reading Time: 2 mins read
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Ripple Teamed Up With, fomo, pay, singapore, xrp
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The Republic of Palau partnered with Ripple to create a digital currency as the best partner to work on a government-backed project so let’s find out more in our latest Ripple news.

Despite the many regulatory issues Ripple faces, it didn’t give up on its mission to become the most important player in the global payments industry and even though things are not great for the platform, the Republic of Palau still chose Ripple as the best option to develop a domestic currency based on the dollar.

palau
Flag of The Republic of Palau

According to a press release shared today, Palau chose the XRP Ledger to create digital dollars and to circulate internally in the country. The idea is to design a USD-backed stablecoin which will be developed alongside other services such as corporate registries. Palau doesn’t have a fiat currency on its own and much like El Salvador, the citizens use the US Dollar as legal tender. However, the island nation located in Oceania doesn’t want to adopt XRP or any other cryptocurrency as legal tender but really hopes to issue a government-managed version of the US dollar in a digital form. Palau’s inititive looks like the issuance of a stablecoin and make a lot more sense given that Palau doesn’t have a central bank.

Palau’s president Surangel S. Whipps Jr, was certain that Ripple could provide the technology that is necessary to develop a financial product that will suit Palau’s needs. As a part of the commitment to lead in the financial innovation sector, the nation is proud to partner with ripple:

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“ 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.”

ripple price
Price of Ripple’s XRP 24-hour candles. Image Tradingview

Ripple maintains an efficient and carbon-neutral blockchain network with a note sharing that explains that the XRP ledger will give Palau the ability to settle these transactions in less than 5 seconds at a cost that doesn’t reach a penny on the dollar. The news did nothing for the price of XRP as the native cryptocurrency of the Ripple ledger. XRP did correct by 34 percent in a matter of a few weeks and fell from the $1.4 mark to the low of $0.86. it was unable to break the $1.2 resistance as well but then during November, it did record a 2.97% rise from $1.03 to $0.6. its current price of $1.045 shows a drop of about 2%.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: digital currencypalau republicpartner with ripplerepublic of palauRippleripple partnershipxrp price
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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