Palau will issue a stablecoin to support plans for a digital overhaul of its economy, according to its president.
Fast facts
- President Surangel S. Whipps, Jr. said the Pacific archipelago was also working on establishing a crypto exchange, a corporate registry and digital wallets for each resident in its digital revamp.
- Palau is planning a “digital residency” program in partnership with blockchain firm Cryptic Labs that would allow anyone in the world to apply.
- “Having been dependent on tourism, we’ve really suffered financially with the pandemic,” Whipps said, adding that: “Leaning into blockchain, starting with this partnership, seemed like a natural step for us.”
- Home to less than 20,000 people, half of the Pacific island nation’s GDP used to come from the tourism industry, which has been severely impacted by the global pandemic.