ChainCatcher news, the Palau government has launched Palau Invest, a "blockchain-based savings bond prototype system." With the prototype completed, a public demonstration system has also been initiated. The Ministry of Economy, Trade and Industry of Japan and Soramitsu Blockchain are providing support, and the project aims to fund the country's infrastructure projects.The Ministry of Finance must finalize the bond issuance standards and obtain government approval. Approximately 18,000 Palauan citizens will be able to purchase bonds from the Ministry of Finance through an application on their mobile phones.Palau President Surangel Whipps Jr. stated at the launch ceremony, "The savings bond program allows us to fund critical projects with domestic resources, such as housing, small and medium-sized enterprise development, roads, and other essential services. These projects are not only vital for infrastructure but also have spillover effects."

ChainCatcher news, Palau cybersecurity advisor Jay Hunter Anson tweeted that the Palau Ministry of Finance has officially launched the second phase of the Palau Stablecoin (PSC) plan, which will focus on building a robust digital ecosystem, enhancing accessibility and user engagement, and will emphasize legal and regulatory compliance.This phase of the plan will integrate financial institutions, legal and regulatory compliance, regulatory bodies, legal frameworks, businesses, and users to achieve transaction security and transparency that meet international standards.In addition, Jay Hunter Anson also stated that Palau will continue to collaborate with Ripple, leveraging Ripple's carbon-neutral CBDC platform and technology.

ChainCatcher news, the Pacific island nation of Palau has released a report on the first phase of a pilot project for a Ripple-based stablecoin. The pilot project started in June 2023 and concluded in September 2023, with a total of 168 participants. The survey results showed that 31.7% of respondents were satisfied with the project, while 36.6% expressed that they were very satisfied. 58% of respondents found setting up and using the wallet for payments easy or very easy. However, half of the respondents reported that the wallet usage or payment processing was slow, or encountered issues when using QR codes and manually entering addresses.The Palau Ministry of Finance stated that the first phase of the program "was successful among both volunteers and retailers." The Ministry indicated that future phases should focus on leveraging stablecoins to create a larger ecosystem and establish a legal framework.Previously reported, the Pacific island nation of Palau will launch a USD-backed stablecoin pilot project. This stablecoin will be issued on the XRP Ledger and is the latest project running on the Ripple CBDC platform. The country will distribute the first batch of Palau Stablecoins (PSC) to official employees involved in the pilot project.

ChainCatcher news, Palau is ending its dollar stablecoin project after launching a pilot in August. Jay Hunter, a member of the Palau Ministry of Finance and head of the digital residency program, announced on social media that the government will stop distributing the Palau Stablecoin (PSC) on September 8.Hunter stated that after the distribution stops, the Palau Stablecoin will also be frozen after September 15, and users will not be able to spend it, adding: "After September 15, you will no longer be able to use PSC. This will give us time to handle retailer redemptions before the pilot officially ends at the end of the month."

ChainCatcher news, according to Cointelegraph, the government of the Pacific island nation of Palau will launch a pilot project for a dollar-backed stablecoin on July 26 local time. The stablecoin will be issued on the XRP Ledger and is the latest project running on the Ripple CBDC platform. The country will distribute the first batch of Palau Stablecoins (PSC) to official employees in the pilot project.

ChainCatcher news, the RNS.ID team of the Republic of Palau tweeted that Ethereum founder Vitalik Buterin has officially received the RNS.ID digital ID. (source link)

ChainCatcher news, President of the Republic of Palau Surangel S. Whipps, Jr. stated that the country's IT team is collaborating with Ripple Labs to explore the creation of a "national stablecoin" to enable the country to conduct local payments easily and securely.It is reported that in June this year, Surangel S. Whipps, Jr. announced after meeting with Binance founder Changpeng Zhao that a digital resident ID NFT would be issued on the BNB Chain through the RNS.ID platform. This NFT allows users to perform digital local KYC online and access various services that require government-issued IDs. (Source link)

ChainCatcher news, according to prnewswire, zkSync announced support for the Republic of Palau's digital ID program "RNS.ID," providing an on-chain KYC solution. zkSync will support the functional privacy features of its on-chain legitimate ID by implementing zero-knowledge proofs and Merkle root hashing of ID attributes, allowing users and businesses to fully manage their own information and data autonomously, while also reducing KYC verification time.ChainCatcher previously reported that in January this year, the Republic of Palau and blockchain development company Cryptic Labs announced the launch of the RNS digital residency program, which will provide blockchain-based legitimate identity and digital residency rights to help access global business opportunities, and allow users to obtain addresses, transportation services, and digital signature verification. (prnewswire)

ChainCatcher news, Ethereum founder Vitalik Buterin's wallet address recently minted the NFT "Voyager Pass 1430," which can be used to exchange for digital identity in the Republic of Palau.It is reported that the President of the Republic of Palau, Surangel S. Whipps, Jr., signed the "Digital Residency Act" on December 22 last year. The country launched the RNS digital residency program in collaboration with Cryptic Labs this January, where digital identity holders will receive a physical ID card for identification purposes, such as hotel check-in, boarding, membership registration, and more.Previously, the President of the Republic of Palau announced after meeting with Binance CEO Changpeng Zhao that a digital resident ID NFT would be issued on the BNB Chain through the RNS.ID platform. The RNS.ID NFT is developed using zero-knowledge proof technology, with planned use cases including address verification, KYC verification, access to digital banking, legally verified chain signatures, digital company registration services, and other potential products such as asset ownership and insurance. (source link)