Palau partners with Ripple on climate friendly national digital currency


Ripple, the digital payment network, has partnered with the Republic of Palau to help the Pacific island nation develop its own digital currency.

The initial focus of the partnership will see the development of a USD-backed digital currency to help facilitate cross-border payments for the nation. The collaboration “could see the implementation of the world’s first government-backed national stablecoin in the first half of 2022” according to Ripple’s announcement.

How To Get Free Crypto  

Ripple suggested the national digital currency may not necessarily be just another CBDC.

“Ripple would provide Palau with technical, business, design and policy support. Meanwhile, exploring a USD-backed stablecoin and associated use cases —such as a corporate registry— on the XRP Ledger could provide a viable alternative to central bank digital currencies (CBDCs) for countries like Palau”.

Palau President Suangel Whipps Jr. said the national digital currency would “provide the citizens of Palau with greater financial access.”

As an island nation, Palau is especially vulnerable to some of the effects of climate change, and Ripple said this was one of the reasons it was chosen for the job. The firm said the XRP Ledger is “carbon-neutral and 120,000X more energy-efficient than Proof-of-Work blockchains.”

“We are excited to be working with Palau to achieve its financial and climate-related goal,”said James Wallis, VP of Central Bank Engagements at Ripple.

Coinbase Banner  

“We have a wonderful opportunity to bring together our technology and experience with the unique characteristics of Palau to make a real economic and social impact for the country.”

Ripple is no stranger to climate and environmental considerations. In February of this year, it announced its goal of becoming carbon net-zero by 2030, starting by making XRP carbon net-zero with the help of the EW Zero tool.

EW Zero is an open source solution from Energy Web which allows businesses to purchase tokenized renewables to help them become carbon net-neutral. Ripple also led a $44 million funding round for fintech provider Nelnet Renewable Energy to help fund environmentally conscious initiatives across the USA.

Related: Bank of Russia plans to take fees for CBDC transactions: Report

Ripple has been busy putting to bed its case with the SEC over whether XRP tokens were issued as unregistered securities in 2013. Brad Garlinghouse recently said that he believes the case has made good progress and will be over in 2022.

XRP is currently trading at about $1.05. That is up 0.42% this week, but is down 5.47% through November.

Go to Source
Author: Brian Newar

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.