The Republic of Palau announced on Friday that it will issue ID cards to its digital residents in the form of non-fungible tokens (NFTs) on Binance’s BNB Chain blockchain.. Binance founder and CEO Changpeng Zhao (CZ) was on hand in the Pacific island nation for the NFT launch and to meet with Palau President Surangel S. Whipps, Jr.
Palau introduced its Root Name System (RNS) digital residency program in January. California-based Cryptic Labs participated in the development of the program, which provides citizens of the world with government-issued identity cards from Palau. Physical cards already exist.
Among the intended uses for the new RNS ID NFTs are Know Your Customer (KYC) functions, access to digital banking, on-chain verified signatures, and access to services that require ID issued by the RNS. government.
“We want to create the Palauan dream,” Whipps, Jr. said at a news conference, adding:
“And having them here, CZ and Binance, opens up that door of opportunity to develop new industries, new businesses here that can hopefully bring our young people back to Palau and be a part of the new technology and innovations that are out there.”
“There are regulations that we have to work on within the digital residency program, but the most important thing is the Corporate Registration Act,” continued Whipps, Jr. “It’s good to have a commitment from Binance to help us from a regulatory standpoint.” .
CZ said in his response: “We will definitely explore more investment in the Palau ecosystem. […] We have already expressed our interest in, outside of cryptocurrencies, traditional financial services sectors, including payment services, digital banks, etc.”
CZ went on to call Palau, which has a population of less than 20,000, a “very good prototyping ground.” He said Palau has clear advantages for innovation, as small countries are able to move quickly to innovate, and Palau’s “US-type” economy is fairly well developed.
Tourism is open in Palau, and so is blockchain. Eat. pic.twitter.com/M7jcTC32cY
— CZ Binance (@cz_binance) June 10, 2022
Tourism is open in Palau, and so is the blockchain. Come.
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