CZ visits Palau to start BNB Chain-supported ID NFTs for digital residency program

The Republic of Palau announced Friday that it’ll issue identification cards to the digital residents by means of nonfungible tokens (NFTs) on Binance’s BNB Chain blockchain. Binance founder and Chief executive officer Changpeng Zhao (CZ) was on hands within the Off-shore Island nation for that unveiling from the NFTs and also to talk with Palauan President Surangel S. Whipps, Junior.

Palau introduced its Root Name System (RNS) Digital Residency enter in The month of january. California-based Cryptic Labs required part in the introduction of this program, which supplies global citizens with identity cards from the federal government of Palau. Physical cards already exist.

Planned ways to use the brand new RNS ID NFTs include Know Your Customer (KYC) functions, use of digital banking, verified on-chain signatures and being able to access services requiring government-issued identification.

“We are thinking about creating the Palauan dream,” Whipps stated in a press conference, adding:

“And getting you here, CZ and Binance, opens that door of chance to build up new industries, new companies here that hopefully may bring our youthful people to Palau and participate the brand new technology and innovations that’s available.”

“There’s rules we have to focus on inside the digital residency program, but more to the point, the organization Registry Act,” Whipps ongoing. “It’s good to possess a commitment from Binance to assist us in the regulatory side.”

CZ stated in the response, “We will certainly explore further purchase of the Palau ecosystem. […] We’ve already expressed our curiosity about, outdoors of crypto, traditional financial service sectors, including payment services, digital banks, etc.”

Related: Palau partners with Ripple on climate-friendly national digital currency

CZ continued to Palau, with a population of under 20,000, a “very good prototyping ground.” Palau has distinct advantages of innovation, he stated, as small countries can move fast to innovate, and Palau’s “kind of U.S.-driven” economy is rather well-developed.

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