The Republic of Palau introduced Friday that it’s going to challenge identification playing cards to its digital residents within the type of nonfungible tokens (NFTs) on Binance’s BNB Chain blockchain. Binance founder and CEO Changpeng Zhao (CZ) was readily available within the Pacific Island nation for the revealing of the NFTs and to fulfill with Palauan President Surangel S. Whipps, Jr.
Palau launched its Root Name System (RNS) Digital Residency program in January. California-based Cryptic Labs took half within the growth of this system, which gives international residents with identification playing cards issued by the federal government of Palau. Physical playing cards exist already.
Planned makes use of for the brand new RNS ID NFTs embrace Know Your Customer (KYC) capabilities, entry to digital banking, verified on-chain signatures and accessing providers requiring government-issued identification.
“We want to create the Palauan dream,” Whipps stated at a press convention, including:
“And having you here, CZ and Binance, opens that door of opportunity to develop new industries, new businesses here that hopefully can bring our young people back to Palau and be part of the new technology and innovations that’s out there.”
“There’s regulations we need to work on within the digital residency program, but more importantly, the Corporate Registry Act,” Whipps continued. “It’s good to have a commitment from Binance to help us from the regulatory side.”
CZ stated in his response, “We will definitely explore further investment in the Palau ecosystem. […] We have already expressed our interest in, outside of crypto, traditional financial service sectors, including payment services, digital banks, etc.”
Related: Palau companions with Ripple on climate-friendly nationwide digital forex
CZ went on to name Palau, which has a inhabitants of lower than 20,000, a “very good prototyping ground.” Palau has distinct benefits for innovation, he stated, as small international locations are in a position to transfer quick to innovate, and Palau’s “kind of U.S.-driven” economic system is pretty well-developed.
Tourism is open In Palau , and so is blockchain. Come. pic.twitter.com/M7jcTC32cY
— CZ Binance (@cz_binance) June 10, 2022