Republic of Palau and Ripple team up to create secure national digital currency

The Ripple digital payment network has partnered with the Republic of Palau to help the Pacific Islands create their own digital presence.

The first priority of the partnership is to establish a US digital resource pool to facilitate cross-border payments. According to a statement from Ripple, the partnership could "complete the world's first federally backed state stable coin in the first half of 2022."

Ripple said the national digital currency doesn't have to be another digital currency bank (CBDC).

Ripple will provide industry, trade, design and policy support in Palau. At the same time, explore the USD recovery of stationary coins and other applications (such as registration trading) of the great XRP book, a central bank for countries such as: can give the number. Palau. alternative currency (CBDC). "

Palau President Surangel Whipps Jr. said the national digital currency "will provide more money to the people of Palau."

The island of Palau is particularly affected by climate change, which Ripple says is one of the reasons he chose it. The company claims that the XRP ledger is "carbon neutral and 120,000 times more energy efficient than proof-of-work-based blockchains."

“We are delighted to be working with Palau to achieve its financial and climate goals,” said James Wallis, vice president of Ripple Central Banking.

"For us, this is a good opportunity to combine the skills and knowledge of Palau with the uniqueness of Palau, to have a financial and social impact on the country."

Ripple is no stranger to climatic and environmental factors. In February of this year, XRP announced its goal of achieving carbon emissions by 2030 using EW Zero equipment to help achieve that goal.

EW Zero is an open source Power Web solution that enables businesses to purchase more renewable energy products to help achieve carbon-equivalent footprint. Ripple also raised $ 44 million for tech giant Nelnet Renewable Energy to fund environmental education initiatives across the United States.

Ripple has been busy filing a complaint with the United States Securities and Exchange Commission (SEC) about whether XRP tokens were placed in an unregistered security system in 2013. Brad Garlinghouse recently said that the matter is going well and will end in 2022.

XRP is currently trading around $ 1.05. It rose 0.42% this week but fell 5.47% in November.