{"id":26744,"date":"2023-12-17T08:34:38","date_gmt":"2023-12-17T08:34:38","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/palau-advances-cbdc-with-ripple-in-phase-2-of-psc-program-launch\/"},"modified":"2023-12-17T08:34:41","modified_gmt":"2023-12-17T08:34:41","slug":"palau-advances-cbdc-with-ripple-in-phase-2-of-psc-program-launch","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/palau-advances-cbdc-with-ripple-in-phase-2-of-psc-program-launch\/","title":{"rendered":"Palau advances CBDC with Ripple in Phase 2 of PSC program launch"},"content":{"rendered":"
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The Ministry of Finance in Palau officially launched the second phase of the Palau Stablecoin (PSC) Program. Jay Hunter Anson, a cybersecurity consultant in Palau, confirmed the initiation of the country\u2019s CBDC pilot program in a post.\u00a0<\/p>\n
Anson expressed<\/a> that Palau aims to extend its partnership with Ripple in this next stage, allowing the PSC team to leverage Ripple\u2019s CBDC platform and technical expertise. <\/p>\n PSC is a digital currency pegged to the U.S. dollar at 1:1. The USD-supporting PSC is stored in a commercial bank with FDIC insurance. The Palau government issues the PSC on the XRP Ledger (XRPL).<\/p>\n Additionally, Anson highlighted that the focus of the second phase of the PSC pilot program is to establish new collaborations for marketing and sustainable development goals. Phase 2 of the PSC program will prioritize the development of a digital ecosystem and increased user engagement, emphasizing adherence to regulatory compliance.<\/p>\n Yesterday the Republic of Palau Ministry of Finance officially launched Phase 2 of the Palau #Stablecoin<\/a> (PSC) program, based on a 1:1 tokenized U.S. Dollar. \u2014 Jay Hunter Anson (@JHX_1138) December 15, 2023<\/a><\/p><\/blockquote>\n Anthony Welfare, Ripple\u2019s CBDC Strategic Advisor, shared his thoughts on the PSC pilot program\u2019s Phase 2 launch on the X platform (formerly known as Twitter).<\/p>\n\n
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The Republic of Palau Ministry of #Finance<\/a> seeks to expand accessibility and user participation, reaching a wider\u2026 pic.twitter.com\/FUt7mM8CLr<\/a><\/p>\n