Palau President Talks Stablecoin Plans Following Island Nation’s ‘Digital Residency’ Rollout

Palau President Talks Stablecoin Plans Following Island Nation’s ‘Digital Residency’ Rollout
The Republic of Palau, an island nation in the Pacific with just under 20,000 citizens, has partnered with blockchain research firm Cryptic Labs to launch the world’s first digital residency program.The program uses Cryptic Labs’ Root Name System (RNS) technology, allowing anyone from around the world to apply. Once approved, users will be issued a non-fungible token (NFT) of their digital resident ID cards, giving them access to Palau-based perks like shipping services and a physical address.But that’s not all the island has in store.“Having been dependent on tourism, we’ve really suffered financially with the pandemic,” Palau President Surangel S.…