{"id":14048,"date":"2021-11-24T18:09:14","date_gmt":"2021-11-24T17:09:14","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=14048"},"modified":"2021-11-24T18:09:26","modified_gmt":"2021-11-24T17:09:26","slug":"the-republic-of-palau-partners-with-ripple-to-develop-a-climate-friendly-national-digital-currency","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/the-republic-of-palau-partners-with-ripple-to-develop-a-climate-friendly-national-digital-currency\/","title":{"rendered":"The Republic of Palau partners with Ripple to develop a climate-friendly national digital currency"},"content":{"rendered":"\n
According to Ripple, the collaboration with the Republic of Palau “may see the introduction of the world's first government-backed<\/a> national stablecoin.<\/h5>\n\n\n\n
\"The<\/figure>\n\n\n\n

The digital payment network Ripple has teamed with the Republic of Palau to assist in the development of the Pacific island nation's own digital currency\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>.<\/p>\n\n\n\n

The partnership's initial focus will be on the creation of a digital currency backed by the US dollar to improve the country's cross-border payments.<\/p>\n\n\n\n

According to Ripple's release, the collaboration “may see the introduction of the world's first government-backed national stablecoin in the first half of 2022.”<\/p>\n\n\n\n

The national digital currency, according to Ripple, may not be just another central bank digital currency (CBDC):<\/p>\n\n\n\n

\u201cRipple would provide Palau with technical, business, design and policy support. Meanwhile, exploring a USD-backed stablecoin and associated use cases \u2014such as a corporate registry\u2014 on the XRP Ledger<\/a> could provide a viable alternative to central bank digital currencies (CBDCs) for countries like Palau.\u201d<\/p><\/blockquote>\n\n\n\n

The national digital currency, according to Palauan President Surangel Whipps Jr., will “give the residents of Palau with more financial access.”<\/p>\n\n\n\n

Palau's vulnerability to some of the effects of climate change as an island nation is one of the reasons it was chosen for the job, according to Ripple.<\/p>\n\n\n\n

The XRP Ledger is “carbon-neutral and 120,000X more energy-efficient than Proof-of-Work blockchains,” according to the company.<\/p>\n\n\n\n

“We're pleased to be working with Palau to help them reach their financial and climate goals,” said James Wallis, Ripple's vice president of central bank engagements.<\/a><\/p>\n\n\n\n

\u201cWe 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.\u201d<\/p><\/blockquote>\n\n\n\n

Ripple is no stranger to environmental and climatic concerns. It stated its objective of becoming carbon net-zero by 2030 in February of this year, beginning with making XRP carbon net-zero via the EW Zero tool.<\/p>\n\n\n\n

Energy Web's EW Zero is an open-source system that enables enterprises to purchase tokenized renewables in order to become carbon net-neutral.<\/p>\n\n\n\n

Ripple also led a $44 million fundraising round for Nelnet Renewable Energy<\/a>, a fintech company that helps support environmentally aware activities around the US.<\/p>\n\n\n\n

Ripple has been working hard to resolve its dispute with the Securities and Exchange Commission about whether XRP tokens were issued as unregistered security in 2013.<\/p>\n\n\n\n

Brad Garlinghouse recently stated that he believes the case is doing well and that it will be completed in 2022.<\/p>\n\n\n\n

The price of XRP is currently around $1.05. This is up 0.42 percent this week, but it's still down 5.47 percent for the month.<\/p>\n\n\n\n

\n","protected":false},"excerpt":{"rendered":"

According to Ripple, the collaboration with the Republic of Palau “may see the introduction of the world’s first government-backed national stablecoin. The digital payment network Ripple has teamed with the Republic of Palau to assist in the development of the Pacific island nation’s own digital currency . The partnership’s initial focus will be on the […]<\/p>\n","protected":false},"author":12,"featured_media":14050,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4161,24],"tags":[5491,5492,5490,5489],"class_list":["post-14048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cbdc","category-ripples-news","tag-climate-friendly","tag-digital-currency-2","tag-ripple-2","tag-the-republic-of-palau"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/11\/The-Republic-of-Palau-partners-with-Ripple-to-develop-a-climate-friendly-national-digital-currency.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/14048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=14048"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/14048\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/14050"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=14048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=14048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=14048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}