{"id":211738,"date":"2022-01-14T19:30:53","date_gmt":"2022-01-14T19:30:53","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=211738"},"modified":"2022-01-14T17:05:55","modified_gmt":"2022-01-14T17:05:55","slug":"a-pacific-archipelago-is-going-all-in-on-crypto","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/a-pacific-archipelago-is-going-all-in-on-crypto\/","title":{"rendered":"A Pacific archipelago is going all in on crypto"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Who would have thought a small nation with approximately 18,000 people would enter the crypto world?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">During an interview, Palau President Surangel S. Whipps, Jr. announced <\/span><span style=\"font-weight: 400;\">a partnership with the blockchain and crypto advisor firm Cryptic Labs. The alliance was created to launch the world's first digital residency platform using blockchain technology, where any person in the world can apply.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">President Surangel S. Whipps, Jr said:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cOne of the challenges that we have is, we have a registry process now. It\u2019s time consuming, and we didn\u2019t have the technology to verify backgrounds or check on things. Now, with this process\u2014first, you vet them through the digital ID processor.\u00a0 Now when they go to [set up] a corporation, it will be much quicker because now they\u2019ve got an ID that we\u2019ve verified.\u201d\u00a0<\/span><\/p><\/blockquote>\n<h2><b>Palau is becoming a crypto nation<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The Republic of Palau has many plans to enter the crypto space. In November 2021, they <\/span><a href=\"https:\/\/cryptoslate.com\/ripple-to-help-create-a-cbdc-for-this-tiny-island-nation\/\"><span style=\"font-weight: 400;\">announced<\/span><\/a><span style=\"font-weight: 400;\"> their first approach by partnering with Ripple to strategize around a Central Bank Digital Currency (CBDC).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Two months later, Palau began using <\/span><a href=\"https:\/\/crypticlabs.org\/\"><span style=\"font-weight: 400;\">Cryptic Labs<\/span><\/a><span style=\"font-weight: 400;\"> Root Name System (RNS) technology to work on the digital residency platform. To apply, first, you need to pass the KYC. You will have two forms of government digital ID, a physical one which will be sent to your living address, and the other as an NFT (Non-Fungible Token) to your crypto wallet, according to RNS official <\/span><a href=\"https:\/\/docs.rns.id\/the-rns-platform\/i.-digital-residency-platform\"><span style=\"font-weight: 400;\">website.<\/span><\/a><span style=\"font-weight: 400;\"> At the moment, you can <\/span><a href=\"https:\/\/rns.id\/\"><span style=\"font-weight: 400;\">apply<\/span><\/a><span style=\"font-weight: 400;\"> to join the early access waitlist.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But there are more plans coming; President Whipps also commented the following:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cWe\u2019re working on having a crypto exchange here. We\u2019re working on a stablecoin. We\u2019re working on a corporate registry.\u201d<\/span><\/p><\/blockquote>\n<h2><b>Will more nations jump into blockchain space this year?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Last year, all eyes were on El Salvador for being the first country to adopt Bitcoin as a legal tender. Recently, the giant asset manager Fidelity <\/span><a href=\"https:\/\/cryptoslate.com\/fidelity-expects-more-sovereign-nations-to-acquire-bitcoin-in-2022\/\"><span style=\"font-weight: 400;\">announced<\/span><\/a><span style=\"font-weight: 400;\"> that they believed more countries would be buying Bitcoin for treasury reserves this year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As Palau is exploring CBDCs, recently, other countries like <\/span><a href=\"https:\/\/cryptoslate.com\/bank-of-mexico-planning-to-launch-cbdc-by-2024\/\"><span style=\"font-weight: 400;\">Mexico<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/cryptoslate.com\/crypto-loving-nigeria-begins-enaira-cbdc-project\/\"><span style=\"font-weight: 400;\">Nigeria<\/span><\/a><span style=\"font-weight: 400;\"> are also working on launching their CBDC in the future.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Regulations in each country are different, which is a key element for countries considering entering the blockchain space. As you see, there are multiple approaches because the crypto world is vast. However, it appears that countries worldwide are investing in this new technology, in one way or another.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Who would have thought a small nation with approximately 18,000 people would enter the crypto world? During an interview, Palau President Surangel S. Whipps, Jr. announced a partnership with the blockchain and crypto advisor firm Cryptic Labs. The alliance was created to launch the world&#8217;s first digital residency platform using blockchain technology, where any person [&hellip;]<\/p>\n","protected":false},"author":941,"featured_media":211739,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A Pacific archipelago is going all in on crypto<\/title>\n<meta name=\"description\" content=\"The Republic of Palau shows no signs of slowing down in entering the crypto space.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/a-pacific-archipelago-is-going-all-in-on-crypto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Pacific archipelago is going all in on crypto\" \/>\n<meta property=\"og:description\" content=\"The Republic of Palau shows no signs of slowing down in entering the crypto space.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/a-pacific-archipelago-is-going-all-in-on-crypto\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-14T19:30:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-01-14T17:05:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/01\/palau-crypto.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ricardo Rivas\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ricardorivas23\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ricardo Rivas\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/a-pacific-archipelago-is-going-all-in-on-crypto\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/a-pacific-archipelago-is-going-all-in-on-crypto\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ricardo-rivas\/#person\",\"name\":\"Ricardo Rivas\",\"url\":\"https:\/\/cryptoslate.com\/author\/ricardo-rivas\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/ricardo-rivas\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ricardo-rivas\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/11\/ricardo-rivas-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/11\/ricardo-rivas-author-300x300.jpg\",\"caption\":\"Ricardo Rivas\"},\"description\":\"I am a Venezuelan engineer and technology enthusiast, who discovered the world of blockchain and cryptocurrencies in 2016. 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