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The Pacific Island State now offers a digital residency and blockchain-based verified ID that can be used for KYC verification and identification.
The Republic of Palau and blockchain development company Cryptic Labs announced on Tuesday the launch of the Root Naming System (RNS), a digital living program.
To open a partnership between Palau, Cryptic Labs and the government-backed digital residency program, Palau President Suranhel S. Whipps Jr. signed an agreement to provide “all global users” with digital residency through RNS in accordance with the country’s Digital Living Act.
The Republic of Palau is located in the western part of the Pacific Ocean and consists of about 340 islands with a population of 18,221 people. President Whipps said:
“Our digital residency program will be able to use internationally recognized identity verification standards to ensure Palau upholds the rule of law and our reputation. We invite all citizens of the world to apply to participate in the Palau Digital Living Program. ”
The Digital Residency Program provides a blockchain-based legal identifier, digital residency to democratize access to global business opportunities, and geo-agnostic governance to assist in the remote creation and management of a corporation. It also allows users to obtain address, delivery services, and digital signature verification.
Using RNS, the digital residency program boasts end-to-end encryption that allows users to control how much location and ID data they want to share with others. Once approved, users will receive a physical ID card and identifier in the form of a non-fungible token (NFT). This will be used to facilitate “secure identity verification and access to KYC functionality and form the basis for legal online identification and verification.”
Bril Wang, CEO of Cryptic Labs, said in an announcement:
“This partnership with the Republic of Palau will revolutionize economic development both in Palau and around the world. The world is beginning to recognize the practicality, versatility and truly transformative power of digital identity – a quick step towards that future. ”
Digital residency applicants can apply by creating an account and paying with their credit card or cryptocurrency.
The Digital Residency Program marks the second major blockchain implementation effort undertaken by Palau. In November 2021, the western Pacific island nation announced a partnership with fintech firm Ripple (XRP) to develop a green digital currency to aid international payments.
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