XRP Gains Value, After the President of Palau Announced Collaboration with Ripple to Launch Country’s Stablecoin

In his recent interview with Bloomberg, the president of Palau Surangel Whipps Jr talked of the country’s plans to build a digital economy. The President confirmed that they are partnering Ripple, one of the world’s leading blockchain firms, to launch a USD-backed Central Bank Issued Digital Currency-CBDC. According to Mr. Whipps Jr, the launch of stablecoin would not only assist Palau in developing a digital economy, but it would also attract so called ‘digital visitors’ to the country. One of the prime reasons Palau needs to have a digital currency is that the island does not have its Central Bank.