A group of Islands in the Pacific Ocean Launch their Digital Currency
Palau begins trial of its own digital coin, Kluk, the latest project on Ripple's platform.
The government of Palau, a group of islands in the Pacific Ocean, is starting a trial for a new digital coin. This coin is supported by the United States dollar and will be launched on the XRP Ledger, a technology provided by Ripple. This new coin, called Palau Stablecoins (PSCs) or Kluk, will first be given to government workers.
The Kluk is the newest coin to be launched on Ripple's CBDC Platform, a system for creating digital coins that was released in May. Even though Ripple only released their platform recently, they had been working with Palau since 2021.
Palau, home to over 18,000 people, uses the U.S. dollar as its main money. It also has a digital ID system that people can use for identification and other purposes. These digital IDs can be bought and owned like unique collectibles on the Binance BNB blockchain.
Many other Pacific island nations are also getting interested in digital currencies and technologies. The Republic of the Marshall Islands is making its own digital coin, Tonga wanted to make Bitcoin a legal form of money, and Vanuatu is home to Satoshi Island, a community for cryptocurrency enthusiasts.
