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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