The Ministry of Finance of Palau has officially initiated the second phase of its Palau Stablecoin (PSC) program.
The Ministry of Finance of Palau has officially initiated the second phase of its Palau Stablecoin (PSC) program, according to Jay Hunter Anson, a cybersecurity consultant in Palau and adviser to the Ministry of Finance. Anson revealed that Palau intends to expand its partnership with Ripple in the second phase, enabling the PSC team to utilize Ripple's central bank digital currency (CBDC) platform and technical expertise.
PSC is a digital currency pegged to the United States dollar and operates on Ripple's XRP Ledger. Furthermore, Anson emphasized that the primary focus of the PSC pilot program's second phase would involve forging new collaborations for marketing and sustainable development goals. Phase two will also prioritize the development of a digital ecosystem and increased user engagement while ensuring compliance with regulatory requirements.
Anthony Welfare, CBDC strategic adviser at Ripple, shared his perspective on the launch of the PSC pilot program's second phase. Welfare highlighted the advantages of blockchain-based digital currency, including reduced transaction fees and the potential to address the environmental impact associated with the circulation of traditional money.
Welfare further mentioned that Palau residents can conduct offline transactions using a blockchain-based digital currency like PSC, even during power outages.
The Ministry of Finance of Palau announced the successful completion of the first phase of the PSC program on December 7. The initial three-month phase involved 168 volunteers from government employees who received 100 PSC each to use at participating local retailers.
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