Palau allies with Ripple on climate-friendly national digital legal tender

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Ripple, a digital payment network, has collaborated with the Republic of Palau to assist the Pacific island nation in developing its own digital currency.

The partnership’s initial focus will be the creation of a digital currency backed by US dollars to aid in the nation’s cross-border payments.

According to Ripple’s announcement, the collaboration “could result in the implementation of the world’s first government-backed national stablecoin in the first half of 2022.”

Story by : Norvisi Mawunyegah