The second stage of Palau Stablecoin’s (PSC) initiative was formally launched by the country’s Ministry of Finance.The program’s second phase debut was verified on December 15 in a post on X (previously Twitter) by Jay Hunter Anson, a cybersecurity specialist in Palau and advisor to the Ministry of Finance.Phase two of Palau’s cooperation with Ripple, according to Anson, is intended to enable the PSC team to take advantage of Ripple’s central bank digital currency (CBDC) platform and technical know-how.Pegged to the US dollar, PSC is a digital currency that utilizes Ripple’s XRP Ledger.
Anson further emphasized that the PSC pilot program’s second phase will concentrate on forming new partnerships for marketing and sustainable development objectives.Along with increasing user interaction and the creation of a digital ecosystem, phase two of the PSC program will place a strong emphasis on regulatory compliance.
The PSC pilot program’s phase two launch was also discussed by Anthony Welfare, a strategic adviser for CBDC at Ripple.Benefits including lower transaction costs and the ability to manage the environmental impact of money circulation were highlighted by Welfare while highlighting the advantages of blockchain-based digital currency.A few particular issues that the Ripple advisor brought up included the difficulty of transferring conventional currency throughout Palau’s 340 islands.He also mentioned how expensive cellphone data is in the nation.
Welfare stated that even in the event of a power outage, people in Palau can carry out offline transactions with a blockchain-based digital money like PSC.On December 7, the Ministry of Finance in Palau declared the first phase of the PSC program to be successful.168 government employees volunteered for the three-month first phase.Each of the selected volunteers was given 100 PSC to spend at nearby shops taking part in the initiative.By scanning a QR code with their smartphones, participants paid using their phones.Positive comments regarding their experiences using the digital currency were given by the volunteers and participating retailers.