Palau opens up to blockchain by launching Palau Stablecoin as CBDC, embracing web3-native nomads as residents, pushing for a digital economy with the tokenization of real-world assets, and creates an inaugural summit to connect to web3 leaders.
Koror, Palau, August 16, 2023 – The Republic of Palau, a small island nation in the Pacifics, is meeting Web3 leaders including Vitalik Buterin to expand its scope of blockchain adoption while exploring use cases in new governance and sustainability, and charting the course for the next phase of Palau’s development as a blockchain innovation hub.
Palau is an island known for its pristine ocean and diving. Tourism has been the bread and butter of its economy, however, the country suffered significantly during the pandemic years as tourism was paused, highlighting the need to diversify its economy.
Palau recently launched a Palau Stablecoin pilot to enable secure and speedy cross-border payments, support local use cases, and to empower financial innovation in Palau. Collaborating with Ripple, the Palau Stablecoin is backed by US dollars, and is the first country stablecoin project.
In 2022, Palau created the world’s first digital residency program, welcoming web3-native nomads to opt-in to a digital identity of Palau residency for KYC and business purposes. Other initiatives that are currently brewing include a digital corporate registry program, and tokenization of real world assets to accelerate development of a web3 charter zone.
“We want to explore applications of blockchain technologies in finance, real estate, and carbon credits to transform Palau so we can create new opportunities for our young people,” – Alan Seid, Advisor of Palau Blockchain Society.
The Palau Blockchain Summit, organized by Palau Blockchain Society, Palau Ocean Foundation, Metropolis Global, and Cura, is set to take place August 27-29 in Palau.
The summit will convene leading experts, visionaries, and stakeholders to discuss the future of Web3 and its application toward Palau’s sustainable development goals and new governance initiatives. Palau’s Web3 developments are especially supported by leaders in Network State projects. Core members of Zuzalu, Vitalik Buterin’s pop-up city and longevity network state project, will participate and explore the feasibility of hosting a Zuzalu in Palau. Mask Network, a leader of the decentralized social network ecosystem with the goal of making Web3 more accessible to all, also supports Palau’s pioneering initiatives. Attendees will gain valuable insights and explore opportunities for collaboration and investment in Palau.
The summit will be one of a kind, with two days of talks and networking, followed by a day in the Rock Islands with government officials including the President of Palau in an “unconference style” of discussions and brainstorming. For more information about the Palau Blockchain Summit and to apply for the event, please visit palaublockchainsummit.com.
- Andy Lai
- Palau Blockchain Summit
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