The island country of the Republic of Palau joined Ripple, to explore the creation of its national digital currency. The Western Pacific country and Ripple are looking at the first USD-backed digital currency, along with strategies for cross-border payments.
In a statement, Palau President Surangel Whipps Jr. said:
“The first phase of the partnership will focus on a cross-border payments strategy and exploring options to create a national digital currency. Providing the citizens of Palau greater financial access ”.
As outlined, the partnership will first focus on developing avenues for cross-border payments that could be facilitated by this digital currency that will be backed by the US dollar. If everything goes according to plan. As part of the agreement, Ripple will provide technology, business, design and policy support to Palau. The Palau government wants to provide people with an alternative to bank currencies with greater financial access.
According to the San Francisco-based blockchain firm, this partnership is unique. As it involves the implementation of the “world’s first national stable currency backed by the government.” A report by the firm revealed that its use cases will be, in some way, “a viable alternative to central bank digital currencies (CBDC).”
Ripple CEO criticizes Dogecoin for its ‘inflationary dynamics’
Brad Garlinghouse CEO of Ripple believes that DOGE is not good for the cryptocurrency market due to its alleged ‘inflationary dynamics’. And, to its unlimited offer.
Global inflation is driving the price of Bitcoin (BTC). But it has a caveat for Dogecoin fans, Garlinghouse argued in a panel moderated by CNBC at the Fintech Abu Dhabi event on Tuesday.
“I’m actually not convinced, somewhat controversially I suppose, that Dogecoin is good for the crypto market. Dogecoin has some inflationary dynamics in its own right that would make me reluctant to hold it, ”said Ripple’s CEO.
Garlinghouse, CEO of Ripple noted that Dogecoin does not have a hard cap on the total supply of coins in circulation. Which makes it very different from some major cryptocurrencies, such as Bitcoin, which is capped at 21 million coins.
The Bank of England sees CBDCs as a revolution for the future of money
The Bank of England is currently studying options to implement a CBDC digital pound for retail payments. A task force behind the CBDC is also investigating the use of a digital pound to pay payroll, pensions, etc.
Deputy Governor for Financial Stability Sir Jon Cunliffe said during a live broadcast his views on the growth of innovation around digital currencies in the country:
“It is quite difficult to predict how the innovators will take the money and use it in the future. But we are beginning to see how programmable money is used in the world of cryptocurrencies. And I hope that we will see a similar revolution in the functionality of money driven by technology.
However, Sir Jon Cunliffe admitted that the current cryptocurrency situation could threaten the financial stability of the country. The market capitalization of cryptocurrencies has skyrocketed to $ 2.6 trillion in a very short time. And, it is estimated that 95% of digital assets are unbanked and 5% consist of stablecoins.
ConsenSys Suddenly Excludes Iranian Students From Ethereum Coding Class
ConsenSys, Ethereum’s software powerhouse, removed about 50 Iranian students from its online programming course. In a move that highlights the gray areas in the sanctions law facing the cryptocurrency industry.
In this regard, the students were notified on November 13 in an email from ConsenSys Academy. An educational branch of the company based in Brooklyn, New York. Although they have already completed most of their courses, the suspension means that students will not receive certificates of completion.
The move represents an abrupt change for ConsenSys, which had offered the $ 985 course to Iranian students for free. And, in the past she spoke openly about her scholarships for Iranian women.
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