Palau’s PSC Initiative Enters Phase 2: Extending Ripple Collaboration. Anson has reported that the PSC team can benefit from Ripple’s CBDC technology.
PSC is a digital currency pegged to the US dollar and uses Ripple’s XRP Ledger.
Officially launching the Palau Stablecoin (PSC), the program has reached its second phase, according to the Palau Ministry of Finance. Cybersecurity advisor and Palauan specialist Jay Hunter Anson confirmed the program’s second phase launch on December 15th in a Twitter post.
According to Anson, as Palau intends to further its partnership with the blockchain firm in phase two, the PSC team will have the opportunity to leverage Ripple’s CBDC technology and technical expertise. PSC is a digital currency pegged to the US dollar and uses Ripple’s XRP Ledger.
Strategic Growth Plans
Anson said that the second stage of the PSC pilot program would focus on establishing new partnerships to accomplish marketing and sustainable development goals. Building a digital ecosystem, increasing user engagement, and emphasizing regulatory compliance will be the primary goals of the PSC program’s second phase.
Tony Welfare, a CBDC strategist at Ripple, also brought up the second phase of the PSC pilot program. However, Welfare highlights several advantages, including the potential for blockchain-based digital currency to reduce transaction costs and mitigate the environmental impact of money circulation.
Among the challenges the Ripple advisor mentioned was the impossibility of sending fiat currency among the 340 islands that make up Palau. He also said that cellphone data is relatively pricey in the country. According to Welfare, digital money based on the blockchain, such as PSC, can still be used for offline transactions in Palau, even if the power goes out.