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Friday, January 28, 2022

This country will give NFT ID to citizens, partner with Cryptic Labs

Many countries of the world are showing positive attitude towards digital currency. One of these is the ‘Republic of Palau’. Consisting of many small islands in the Western Pacific, this country is going to educate its citizens digitally. For this, work has been started in collaboration with the blockchain development firm ‘Cryptic Labs’. The government of Palau has launched a digital residency program called the Route Name System (RNS). Through the RNS program, people will be given a blockchain-based legal ID and a digital residency to give them access to global business opportunities. The RNS will also allow people to control how much information they want to share about themselves through their ID. This ID will be issued in both physical and non-fungible tokens (NFTs).

The President of Palau, Surangel Whips Jr., has signed an agreement to provide digital residency to ‘all global users’ through the RNS.

In a report, CoinTelegraph quoted the president as saying that the country’s digital residency program will have international standards for identity verification. The President said, we welcome all global citizens to apply for the Digital Residency Program.

Digital residency applicants can create an account and pay using their credit card or cryptocurrency.

However, this is not the first time that Palau has taken a stand in favor of the crypto space. In November last year, this country partnered with crypto solution provider Ripple to create its national digital currency. Under this, if Palau generates its own digital currency, the authorities there will use it on a decentralized public blockchain called the XRP Ledger (XPRL).

Talking about cryptocurrency, experts believe that bitcoin, which holds the most value, is the new gold for young investors. Jeremy Siegel, a professor of finance at the Wharton School of the University of Pennsylvania, said in an interview that bitcoin is acting better as a hedge against inflation than gold. It has carved a niche in the minds of young investors. Bitcoin has replaced gold in the minds of many young investors. These digital coins are the new gold for Millennials.



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Damini Sharma
Experienced Senior Content Writer with a demonstrated history of working in the information technology and services industry. Skilled in SEO Copywriting, Web Content Writing, Storytelling, Blogging, and Social Media. Strong media and communication professional with a mass communication focused in Journalism from Sjmc davv indore.
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