Ripple is best known for its open-source payment protocol, which was initially released in 2012.
Ripple Labs Inc, a prominent blockchain startup that focuses on financial technology has recently partnered with the government of Palau to help them develop a digital currency strategy. Ripple is best known for its open-source payment protocol, which was initially released in 2012. From there, it gained support from banks and financial institutions all over the world as a means of transferring money across borders quickly and efficiently. In early 2018, Ripple announced that they were developing their own cryptocurrency called XRP. The company had intended to distribute XRP among users of its payment protocol as an incentive for faster transactions; however, regulators eventually deemed the move illegal and disallowed distribution.
Currently, there are talks within Ripple to possibly rename their existing payment protocol into something more general so that the company could distribute its cryptocurrency without getting into any legal troubles. Now, it looks like Palau, a small island nation in Micronesia with a population of only around 21,000 people has partnered up with Ripple Labs and even people are searching for how to buy ripple over the internet.
Palau an early adopter of blockchain tech
To put things into perspective, Palau is one of the few nations that have already taken interest in the nascent technology earlier on. In February 2018, President Tommy Remengesau Jr. signed two bills into law that demonstrated his country’s firm commitment towards embracing emerging technologies such as blockchain and cryptocurrencies . The laws were specifically aimed at protecting intellectual property rights while also reducing bureaucracy by allowing businesses to engage more freely within the country. In June of the same year, President Remengesau announced that his government will be accepting cryptocurrency donations for their annual independence day celebration.
This announcement also coincided with the amendments to their laws in order to make it easier for businesses and individuals to accept cryptocurrencies as a means of payment. More recently, Palau has been showing interest in developing its own national cryptocurrency called “MVL,” which can be used by all residents and tourists who visit the island nation. This is partially due to the increasing popularity of Bitcoin and other digital currencies within Palau’s borders; many locals have already invested in Bitcoin (BTC) and tokens such as TRON (TRX).
Ripple aims for mass adoption
Although Ripple doesn’t want XRP to be treated like a traditional cryptocurrency, the company’s wider goal is to make XRP the de-facto international monetary standard for cross-border payments. This can be achieved through strong partnerships with governments and businesses that are looking to implement Ripple’s payment protocols within their borders.
Palau has taken an important step in this direction by partnering up with Ripple Labs; other nations could follow suit if blockchain technology becomes popularized among regulatory bodies around the world. Indeed, Palau appears very committed towards achieving this goal as they have already expressed interest in hosting conferences for regulators and lawmakers from within Micronesia so that they could learn more about how blockchain technologies work while also educating them on what ways there are to utilize it. If other nations decide to take a page from Palau’s book, then …….