Republic of Palau Partners with Cryptic Labs to Launch Digital Residency Program, Residents Receive NFT IDs

0
26

The Republic of Palau has partnered with blockchain development company Cryptic Labs to digitally educate the nation’s residents. The Palau government has introduced a digital residency program called the Root Name System (RNS). The RNS will provide people with a blockchain-based legal ID and digital residence to open up access to global business opportunities. The RNS will also allow people to control how much information about themselves they want to share with others through their physically issued IDs as well as in the form of non-fungible tokens (NFTs).

Palau President Surangel Whipps Jr. has signed an agreement to grant “all global users” digital residency through the RNS.

“Our Digital Residency Program will have the capacity to implement internationally recognized standards of identity verification to ensure that Palau upholds the rule of law and our reputational integrity. We welcome all global citizens to apply to participate in Palau’s digital residency program, ”a CoinTelegraph report quoted the president as saying.

Digital residence applicants can create an account and pay with their credit card or cryptocurrency.

This isn’t the first time the Republic of Palau has taken an approach favoring the crypto space.

In November 2021, the Republic of Palau teamed up with crypto solutions provider Ripple, headquartered in San Francisco, to investigate the creation of its national digital currency.

According to an announcement at the time, the authorities there will be open to experimenting with their use cases on a decentralized public blockchain called XRP Ledger (XPRL) if Palau receives a national digital currency.

Palau is a country of about 340 islands that make up the western chain of the Caroline Islands in the Pacific Ocean.

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

Check out the latest from the Consumer Electronics Show on Gadgets 360 in our CES 2022 hub.

LEAVE A REPLY

Please enter your comment!
Please enter your name here