REPUBLICAN OF PALAU INTRODUCE DIGI RESIDENCY PROGRAM FOR BUSINESS AND YOUTH
The Republic of Palau announced on Friday that it would issue ID cards to its digital residents in the form of immovable tokens (NFTs) at Binance blockchain BNB Chain. Binance founder and CEO Changpeng Zhao (CZ) was present in the Pacific Island nation when he introduced the NFTs and met with Palau President Surangel S. Whipps, Jr.
Palau launched its Root Name System (RNS) Digital Residency in January. California Cryptic Labs is involved in the development of the program, which provides citizens of the world with IDs issued by the Palau government. Portable cards already exist.
The planned NFT use of the new RNS ID includes Know Your Customer (KYC) services, digital banking, certified signatures and access to government-issued identification services.
"We want to build a Palauan dream," Whipps told a news conference, adding:
"And being with you here, CZ and Binance, opens up that door for opportunity to develop new industries, new businesses here in the hope that they can bring new people back to Palau and be part of new technologies and innovations."
"There are regulations that we need to work on within the digital residency system, but most importantly, the Companies Registration Act," Whipps continued. "It's good to commit to Binance to help us on the control side."
CZ said in his response, “We will definitely look at other investments in the Palau environment program. […] We have already expressed our interest in, apart from crypto, the common financial services sectors, including payment services, digital banks, etc.
CZ went on to call Palau, with a population of less than 20,000, "a very good place to measure." Palau has distinct advantages over innovation, he said, as smaller countries are able to move faster to innovate, and Palau's "US-driven" economy is thriving.