Who would have thought a small nation with approximately 18,000 people would enter the criptocurrency world?
The Palau President Surangel S. Whipps, Jr. announced that he was partnering with Cryptic Labs, which has a consulting firm that is a leader in the field of digital currency. We have a registry process that we have to deal with now. One of the challenges that we have is that we have a registry process. It is time consuming, and we didn't have the technology to verify backgrounds or check on things. They're first vetted through the digital ID processor. Now when they go to set up a corporation, it will be quicker because they have an ID that we verified. The Republic of Palau has a lot of plans to enter the space. In November 2021, they announced their first approach by partnering with Ripple to strategize around a Central Bank Digital Currency CBDC Two months later, Palau started using Cryptic Labs Root Name System RNS technology to work on the digital residency platform. To apply, you need to pass the KYC. You will have two forms of government digital ID, a physical one that will be sent to your living address and the other as an NFT Non-Fungible Token to your wallet, according to the official website of RNS. President Whipps said there were more plans coming, but there are more plans coming.
In the last year, all eyes were on El Salvador for being the first country to adoptBitcoin as a legal tender. More countries are buyingBitcoin for treasury reserves this year, according to the giant asset manager Fidelity.
As Palau is exploring CBDCs, other countries like Mexico and Nigeria are working on launching their own CBDC in the future.
Regulations in each country are different, which is a key element for countries considering entering the space. There are multiple approaches because the world of criptocurrencies is vast. Countries are investing in this new technology in one way or another, and it seems that they're investing in one way or another.