The small country announced its digital residency program earlier this year, hoping to help retain the young population and attract trade and industry.
The Republic of Palau revealed on Friday that it was to issue identification cards in the form of NFTs to its digital residents on Binance BNB Chain blockchain. Founder and CEO of Bainance Changpeng Zhao (CZ) attended the Pacific Island nation for the announcement of the NFTs and to meet with Palauan President Surangel S. Whipps Jr.
Palau introduced its Root Name System (RNS) Digital Residency program in January. California-based Cryptic Labs participated in the development of the program, that offers global citizens with ID cards issued by the Palau’s government. Physical cards already available.
Planned uses for the new RNS ID NFTs contain Know Your Customer (KYC) functions, enter digital banking, chain-certified signatures, and access to services that require government-issued identification.
“We want to make the Palauan a dream,” Wipes stated in a news conference.
“There are rules we have to work on in the digital residency program, but more significantly, the Corporate Registry law,” Whipps said. “It is great that we have a commitment from Binance to help us from the regulatory side.”
“We will surely consider investing more in the Palau ecosystem,” CZ said in response. “We have already revealed our excitement in, outside of crypto traditional financial services sectors, containing payment services, digital banks, and more.”
Palau has certain advantages for innovation, he said because small countries can move quickly to innovate, and Palau’s “kind of the United States” economy is relatively developed.
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