Ripple & Palau Forge Ahead: CBDC Gains Momentum In Phase 2 Of Innovative PSC Program

The second phase of the Palau Stablecoin (PSC) program was officially initiated by the Ministry of Finance in Palau. Jay Hunter Anson, a cybersecurity consultant in Palau and an advisor to the Ministry of Finance, announced the program’s second phase launch on Dec 15 through a post on X (formerly Twitter).

In the upcoming phase, Anson highlighted Palau’s ambition to expand its collaboration with Ripple, enabling the PSC team to harness Ripple’s central bank digital currency (CBDC) platform and technical proficiency.

PSC is a digital currency tethered to the United States dollar, utilizing Ripple’s XRP Ledger for its operations.

Moreover, Anson underscored that the second phase of the PSC pilot program will center on forging fresh partnerships for marketing initiatives and advancing sustainable development goals. This stage will lead to cultivating a digital ecosystem and enhancing user engagement, strongly emphasizing adhering to regulatory compliance.

Anthony Welfare, Ripple’s CBDC strategic adviser, also provided insights into the launch of phase two of the PSC pilot program.

Palau’s PSC Program Triumphs: Ministry Of Finance Celebrates Successful Phase 1

Welfare underscored the merits of blockchain-driven digital currency, pointing out advantages such as diminished transaction fees and the prospect of mitigating the environmental footprint associated with currency circulation.

The advisor from Ripple also highlighted particular challenges, including the intricacies of transferring traditional currencies throughout PaPalau’s 40 islands. Furthermore, he observed the elevated costs of mobile data in the country.

Welfare noted that Palau residents can engage in offline transactions using a blockchain-based digital currency like PSC, even during power outages.

On Dec 7, the Ministry of Finance for Palau declared the first phase of the PSC program to be successful. Three months of the first phase involved 168 government personnel who volunteered.

Each selected volunteer receives 100 PSC to spend at nearby shops participating in the initiative. Participants scanned a QR code using their phones to make payments. The volunteers and participating shops gave excellent feedback regarding using the virtual currency.

Related Reading | Bitget: BiBitcoin’s100K Surge & ORDI Token’s Bullish Climb

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

Comments (No)

Leave a Reply