!PALAUN NEWS UPDATE!

Tiny Palau seeks to blaze a trail with official cryptocurrency

 

                                                                               

One of the world’s smallest nations hopes to launch the first government-backed national stablecoin in 2022.  Palau – population roughly 18,000 – is unlikely to be at the top of many people’s minds when they think of places at the cutting edge of technological innovation. But the tiny Pacific island nation, located about 900km (559 miles) west of the Philippines, is on a bold mission to spearhead the official adoption and endorsement of cryptocurrencies. Palau’s GDP shrank by 8.7 percent last year, with a further contraction of 17.6 percent expected in 2021, according to a report by the Graduate School USA, largely due to the collapse of travel due to COVID-19. The Asian Development Bank in April granted the country a $25m loan to keep it afloat !                                            REFERNCE FROM-https://www.aljazeera.com/