Palau’s PSC Initiative Enters Phase 2 Extending Ripple Collaboration

• The PSC team will be able to take advantage of Ripple’s CBDC technology as per Anson.
• PSC is a digital currency that utilizes Ripple’s XRP Ledger and is tied to the US dollar.

The Palau Stablecoin (PSC) initiative entered its second phase with the official introduction by the Ministry of Finance of Palau. In a post on Twitter, Palauan cybersecurity expert and advisor Jay Hunter Anson verified the program’s second phase debut on December 15th.

According to Anson, the PSC team will be able to take advantage of Ripple’s CBDC technology and technical knowledge as Palau plans to further its cooperation with the blockchain company in phase two. PSC is a digital currency that utilizes Ripple’s XRP Ledger and is tied to the US dollar.

Strategic Growth Plans

Furthermore, Anson emphasized that the second phase of the PSC pilot program would center on forming new partnerships to achieve sustainable development and marketing objectives. The second phase of the PSC program will likewise focus on building a digital ecosystem and getting more users involved, with a focus on following regulations.

The second phase of the PSC pilot program was also discussed by Anthony Welfare, a CBDC strategic consultant at Ripple. Benefits highlighted by Welfare include the possibility to address the environmental effect of money circulation and lower transaction costs, both of which are facilitated by blockchain-based digital currency.

The Ripple advisor also highlighted certain difficulties, such as the difficulty of transferring fiat money between Palau’s 340 islands. In addition, he brought out the fact that mobile data is rather expensive in the nation. According to Welfare, even in the event of a power outage, Palauans may use a blockchain-based digital money like PSC to do offline transactions.

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