🗝️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:
Palau's government partners with Ripple for unique quasi-CBDC pilot aligning with potential human rights and financial freedom concerns.
✅🇵🇼 is currently experimenting with its first Central Bank Digital Currency (CBDC) in partnership with Ripple, forming a government-backed stablecoin tied to the U.S. dollar.
✅This partnership was initiated in 2021, where Ripple pledged to aid 🇵🇼 in the exploration of a national digital currency using the XRP ledger, primarily focusing on cross-border payments and a USD-backed digital asset.
✅ By 2022, the Ministry of Finance had mapped out a design strategy with an initial plan to launch the pilot by the end of the year, later postponed for strategic and operational preparation.
✅ Commencing in 2023, a 3-month pilot phase was launched, led by President Surangel S. Whipps Jr., aiming to digitize the nation's currency, engaging 200 government staffers and injecting $20,000 into the project for retail payments.
✅ Throughout the pilot, the Ministry of Finance kept the public updated via Jay Hunter Anson's social media posts ranging from payment capabilities, the freezing of the program for review and kicking off the second phase.
✅ Despite 🇵🇼 holding a high rank in human rights according to reports, the establishment of a CBDC could potentially introduce risks to financial privacy and freedom, however, these issues do not directly associate with the usage or issuance of the CBDC.
#DigitalCurrency #CentralBank #CBDC #HumanRights #FinancialFreedom #GovernmentBackedStablecoin #Ripple #XRP
Question: Considering the potential risks and benefits, how do you feel about the steps taken by 🇵🇼 in partnership with Ripple to digitize their currency? Do you believe other nations should follow suit? Let's discuss!
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)
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