With your new digital ID, you can live in a new borderless financial hub.
In January, Palau, an island nation in the Western Pacific, launched the world's first blockchain-based digital residency program, emphasizing the desire to create a new borderless financial hub using cryptocurrencies and blockchain technology.
Through a partnership with Palo Alto-based blockchain developer Cryptic Labs, Palau has launched the root name system "RNS", a digital residency program available to everyone in the world. Self-proclaimed "the gateway to the world of borderless finance," the program offers qualified users a digital resident ID in the form of a non-fungible token (NFT) that can benefit from Palau's new Digital First Economy. Providing a card, provides services such as providing an address and shipping.
Digital Residency costs $248 per person, and the badge comes with key verification features such as Know your Customer (KYC), Money Laundering Prevention (AML), and anti-terrorism financing verification process. It will be reissued every year.
"Our Digital Residency Program has internationally recognized identification standards to ensure that Palau upholds the rule of law and the integrity of our reputation," said President Whips. rice field. Adopt Singapore or El Salvador. "We sincerely welcome all global citizens to apply for participation in Palau's Digital Residency Program."
The program currently has a waiting list of over 60,000 people, and referrals allow applicants to move to up to 100 spots on the waiting list.
This is the second hop in Palau's blockchain. In November, the country partnered with Ripple to create a US dollar-backed digital currency to facilitate cross-border remittances in an environmentally friendly way. According to Ripple, carbon-neutral blockchain networks are 120,000 times more energy efficient than other networks, resulting in lower costs and faster speeds.Cryptic Labs does not disclose the blockchain protocol behind the Digital Residency Program.
Palau is currently considering building a blockchain and cryptocurrency infrastructure to support digital residency, including developing stablecoins, setting up crypto exchanges, and creating corporate registries for blockchains and crypto companies.
Originally skeptical of cryptocurrencies, the island nation of Palau previously rejected cryptocurrencies in connection with illicit drugs and terrorism-related funding. But recently, it has promoted the economic benefits of blockchain and crypto, claiming that it is part of a country's new economic vision that will help the Republic of Palau break out of the pandemic and diversify its economy.
Palau was struck by a pandemic in the early stages and only recorded the first case of COVID 19 last August.
To get your ID : Sign up here