Non-fungible tokens are finding interesting use cases, and unlike private cryptocurrencies, these crypto assets have been endorsed by many countries globally. The Republic of Palau recently announced that it would issue identification cards as non-fungible tokens (NFTs).
Palau launches NFT IDs
The founder and CEO of the Binance cryptocurrency exchange, Changpeng Zhao, attended the launch of these NFTs by the Pacific Island country. During the launch, Zhao also met with the president of the country, Surangel S. Whipps Jr.
In January, Palau announced the launch of the Root Name System (RNS) that would support the Digital; residency program in the country. The program was developed with the help of Cryptic Labs in California. Cryptic Labs allows citizens globally to access identity cards issued by the Palau government. The country already issues physical IDs like most countries globally.
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These NFT IDs will be used for a wide range of things. They will be equipped with Know Your Customer (KYC) capabilities, allowing people to access digital banking systems and assisting in verifying on-chain signatures. These new IDs will also allow individuals to access services that require them to provide government-issued identification cards.
In a press conference, Whipps commended CZ for attending the launch of these NFT IDs. “And having you here, CZ and Binance open 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 innovation that’s out there,” he said.
Whipps also admitted that the country needed to work on a regulatory framework for the digital residency program while paying key attention to the Corporate Registry Act. He thanked Binance for ensuring that the country meets its regulatory goals.
Binance supports Palau’s initiative
CZ commented on the development, saying, “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.”
CZ also said that the small population of Palau made it suitable as a ground for prototyping financial innovations. The country has a population of below 20,000. CZ noted that small countries were more flexible towards innovation and tended to adapt to new technologies faster. He also added that Palau had a “kind of US-driven” economy with a fair development track record.
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