What's Hot

    Chinese tax authorities step up pressure on private crypto investors

    26.01.2023

    Tether will look for crypto transactions that pay for child pornography

    26.01.2023

    On-chain activity in the Optimism network collapsed after the end of the NFT bonus program

    26.01.2023
    Facebook Twitter Instagram
    Friday, January 27
    Facebook Twitter Instagram
    Crypto News
    • Home
    • Bitcoin
    • Ethereum
      • Altcoins
      • ICO
    • Analytics
    • Blockchain
    • Other
      • DeFi
      • Mining
      • Regulators
      • Security
    Crypto News
    Home»Regulators»Palau’s government has been criticized for its hasty launch of its “digital residency” program
    b360d7196231006bcbd03bbef0b774e6eac70bd2
    Regulators

    Palau’s government has been criticized for its hasty launch of its “digital residency” program

    AdministratorBy Administrator05.03.2022No Comments2 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Reading time: ~2 m


    Critics of the Palau government’s position believe that the launch of the “digital residence” program is hasty and leaves the country’s nation at the mercy of scammers and corrupt officials.

    In January of this year, the Pacific island nation of Palau announced the creation of the world’s first “digital residency” program. A digital residence permit was offered to everyone at a price not exceeding $300. After payment and approval of the application, “digital residents” will receive a physical identity card, as well as its digital version in the form of NFT. Renewal of residency costs $100 per year.

    Palau’s Root Name System (RNS) was created in partnership with Cryptics Lab. There were 60,000 applications on the waiting list. About 40% of applicants were from the US, 30% from Europe and another 30% from Asia, including China.

    Palau’s president, Surangel Whipps, said that “the digital residency program will use internationally recognized identity verification standards to ensure that Palau upholds the rule of law and its reputation.”

    Whipps’ position was criticized by his predecessor, former Palau President Johnson Toribiong. He believes that even good deals require due diligence, and Palau’s legislators are rushing to pass a dubious bill without realizing the full implications.

    “Even in very good deals, we have to do our due diligence. When we take risks, we must clearly realize that we may encounter scammers,” Toribiong said.

    His concerns are shared by Northumbria University cryptocurrency expert Peter Howson. He regrets that island nations like Palau have been hit hard by the effects of the pandemic and declining tourist numbers, leaving their economies defenseless.

    “Now is the perfect time to introduce NFT passports and questionable money systems run by tech brothers from Palo Alto! These crypto technologies have proven to be a Trojan horse for so many vulnerable communities and Palau should be especially careful,” he warned.

    Palau is not the only jurisdiction in the Pacific that is pushing the idea of ​​digital residency. Last month, a British investor announced plans to turn the Vanuatu archipelago in the South Pacific into a haven for crypto investors.




    #Palaus #government #criticized #hasty #launch #digital #residency #program

    criticized Digital government hasty launch Palaus Program residency
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Avatar of Administrator
    Administrator

    Related Posts

    Chinese tax authorities step up pressure on private crypto investors

    26.01.2023

    On-chain activity in the Optimism network collapsed after the end of the NFT bonus program

    26.01.2023

    The UK should make an effort to become the center of cryptocurrencies

    26.01.2023

    Aave v3 is preparing to launch on the Ethereum network

    26.01.2023
    Add A Comment

    Leave A Reply Cancel Reply

    Recent Posts
    • Chinese tax authorities step up pressure on private crypto investors
    • Tether will look for crypto transactions that pay for child pornography
    • On-chain activity in the Optimism network collapsed after the end of the NFT bonus program
    • Shiba Inu Network Transferred 3 Trillion SHIB Tokens Worth $38 Million
    • AI Calls Bitcoin a Tool to Destroy Central Banks
    Recent Comments
    • 수원출장 on A professor from a US university restored the Tornado Cash code to GitHub
    • 123 on Taproot support added to LND Lightning client
    • houston junk car buyer on 16,000% increase in social media mentions in 2021 Shiba inu
    • Jim Carrey Memy on Bitwise Launches NFT Tracking Index Fund
    • hotshot bald cop on Kava developers launch testnet with EVM support
    Archives
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    Categories
    • Altcoins
    • Analytics
    • Bitcoin
    • Blockchain
    • Ethereum
    • ICO
    • Mining
    • Other
    • Regulators
    • Security
    Meta
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    Top Posts

    Subscribe to Updates

    Get the latest sports news from SportsSite about soccer, football and tennis.

    Advertisement
    Demo
    Facebook Twitter Instagram Telegram
    • Home
    • Bitcoin
    • Ethereum
    • ICO
    © 2023 Bt-Crow.com - CryptoNews

    Type above and press Enter to search. Press Esc to cancel.