Friday’s announcement by the Republic of Palau was that it would issue digital identification cards in the form of nonfungible tokens on Binance’s BNB Chain Blockchain. Changpeng Zhao, Binance’s CEO and founder, was present in Palau to unveil the NFTs and meet with President Surangel S.Whips, Jr.
In January, Palau launched its Root Name System (RNS), Digital Residency program. Cryptic Labs, a California-based company, participated in the creation of the program. It provides worldwide citizens with identification cards issued by Palau’s government. Existing physical cards are already in existence.
The new RNS ID NFTs are intended for use in Know Your Customer (KYC), digital banking, verification on-chain signatures, and other services that require government-issued identification.
Whipps stated that they want to make Palauan dreams a reality at a press conference.
“And having you there, CZ, Binance, opens the door to developing new industries, new business here that hopefully can bring Palau’s young people back home and take advantage of all of the latest technology and innovations.”
Whipps said, “There are regulations we need to work with within the digital residency program but more importantly, The Corporate Registry Act.” Binance has made a commitment to assist us on the regulatory side.
CZ responded that he would be exploring further investments in the Palau ecosystem. […] We expressed interest in traditional financial services sectors, such as payment services and digital banks, but not crypto.
Related: Ripple and Palau partner on climate-friendly digital currency
CZ called Palau, with a population less than 20,000, “very good prototyping grounds.” He said that small countries can innovate quickly and Palau’s U.S.-driven economy is quite well-developed.
Tourism is open in Palau, as is blockchain. Come. pic.twitter.com/M7jcTC32cY
CZ Binance (@cz_binance), June 10, 2022