The Republic of Palau has announced the success of the first phase of the stablecoin pilot

2023-12-12 06:37:19

In a recently released report, the Republic of Palau said that the first phase of its limited stablecoin pilot was a success. The document also indicates that future phases of the project will focus on expanding the reach of stablecoins with a high focus on compliance.

Palau Reports Stablecoin Pilot Phase 1

The Republic of Palau has released a report summarizing the results of the first phase of its stablecoin pilot, highlighting the results and popularity of the Palau Stablecoin (PSC). Launched in June 2023 with the participation of 200 volunteers, the pilot project uses Ripple ledger technology as a pillar to control wallet transactions.

The Palau Ministry of Finance (MOF) said more than 700 transactions were completed during this phase, more than 400 of which were payments to retailers. The report notes that both participants and retailers had a good experience during the pilot period, and that PSC has been positively welcomed as a digital payment system, even in the face of opposition from some government officials.

While there was no explicit mention of the second phase of the PSC pilot, the Ministry of Finance said that “the long-term goal is to implement the PSC nationwide as a convenient and cost-effective payment method” and hinted that the project will be in the short term.

To achieve this, the pilot project will expand its reach to allow more financial institutions, retail businesses, and individuals to participate in the payment network. The report also calls for the organization of educational events to show the public the benefits of using this digital cash alternative.

In addition, the Ministry of Finance also announced that given that PSC is a digital token pegged to the U.S. dollar, and that Palau needs to “establish a legitimate pilot, subsequent phases will focus on compliance” to ensure the security and transparency of transactions within the stablecoin network, promoting trust and reliability in this innovative payment system. ”

What do you think of the results of the first phase of the Palau stablecoin pilot?

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