Republic of Palau to Create CBDC With Ripple

Republic of Palau to Create CBDC With Ripple
  • The Republic of Palau will develop its own CBDC in partnership with Ripple.
  • The country will also explore other use cases with the XRP Ledger.
  • Palau is a country in Oceania composed of 500 islands. 

The Republic of Palau is one of the newest countries to join the fray in the creation of a central bank digital currency (CBDC). For this endeavor, the country has partnered with fintech firm Ripple.

As part of the partnership, Ripple will aid Palau in creating a digital currency backed in US dollars. Also, the country will explore better infrastructure options for cross-border payments. 

According to the announcement, Palau may launch its CBDC in the first half of 2022. For its part, Ripple will assist the country in terms of “technical, business, and policy support”.

Palau will develop the CBDC on the XRP Ledger, which is a decentralized and open-source blockchain infrastructure independent of Ripple. Major banking institutions are already using XRP Ledger to boost their cross-border transactions.

Meanwhile, Palau is a small island country situated in the western Pacific Ocean. The country is an archipelago, composed of more than 500 islands, and is part of Oceania. Teeming with rich marine life, the country is a popular tourist destination. According to recent figures, the country has a population of almost 20,000.

disclaimer read more

Crypto News Land ( , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

CryptoNewsLand (CNL) is a one-stop online crypto news website that offers the latest happenings in the crypto world.