Sat. Dec 4th, 2021
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Palau, an island nation in the Pacific Ocean, has partnered with crypto solution provider Ripple to create its own national digital currency. Partnership Of It will work on creating a digital currency with the security of the US dollar. As part of the partnership, Ripple will support PLAO in technology, trade, design and policy support. The government of Palau wants to provide people with options for bank currencies.If it succeeds in creating a national digital currency, the government of Palau will explore the possibility of increasing its use on the decentralized public blockchain XRP laser (XPRL). Palau has about 340 islands and its economy depends on remittances from its people working abroad.

Countries that rely on remittances receive more money from transactions using crypto technology. Cryptocurrencies are not regulated by any bank and there is no service fee for such financial transfers from abroad. International money transfer platforms charge a percentage of the remittance as a service fee when making financial transfers through ordinary currencies and a small amount is transferred to the recipient of the remittance.

Last month, a Tongan MP raised the issue. He said more than 50 per cent of the remittances from Western Union were being charged as fees. However, El Salvador Bitcoin This problem has been solved by giving legal status to. El Salvador is now preparing to become the world’s first “Bitcoin City”. It will be initially funded by Bitcoin bonds. The announcement was made recently by El Salvador’s president, Naib Bukele. He wants to take advantage of cryptocurrency to increase investment in his country.

Ripple is ready to help Palau become its national digital currency. “We have a great opportunity to help create a real economic and social impact in Palau with technology and experience,” said James Wallis, vice president of Ripple.
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