🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 12.35%
One-Sentence Summary:
The Republic of Palau is testing a Ripple-backed, US-dollar stablecoin as a quasi-Central Bank Digital Currency (CBDC), as it undergoes pilot programs aimed at digitizing its currency and improving the economy.
✅ Republic of 🌴Palau is piloting a quasi-CBDC managed by Ripple, a unique government-provided U.S dollar-backed stablecoin.
✅ Ripple announced their partnership with 🌴Palau in 2021.
✅ The Ministry of Finance in 🌴Palau had planned to launch the pilot phase by the end of 2022 but was delayed to prepare for strategic communication and onboarding volunteer enlistment.
✅ A three-month pilot was launched by Ripple in 2023, testing the dollar-backed stablecoin under 🌴Palau's Ministry of Finance. 200 government employees partook in the pilot.
✅ Jay Hunter Anson of the 🌴Palau Ministry of Finance provided several crucial updates about the program via social media.
✅ Despite high ranking in various metrics, concerns persist in 🌴Palau regarding possible risks to financial privacy and freedom due to the potential implications of a full-fledged CBDC.
#HumanRights #CentralBankDigitalCurrency #CBDC #Ripple #Palau #FinancialPrivacy #Freedom
Can the development of a CBDC truly help an economy like 🌴Palau's prosper while still respecting individual financial privacy and freedom? What measures need to be put in place to ensure these standards are met as they move closer to digitizing their currency?
Disclaimer: This is an AI-generated summary of the original text from HRF, forigve fuck-ups plox. If you find it useful, ⚡ the Tracker Bot because the AI and Cloud bits are not free to run.
Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
