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Republic of Palau partners with Cryptic Labs to launch digital residency program
This Tuesday, the blockchain development company Cryptic Labs and the Republic of Palau announced the release of a digital residency program, the Root Name System (RNS).
Palau to offer digital residence under Digital Residency Act
Surangel S. Whipps Jr., the President of Palau, signed a deal under the country's Digital Residency Act to provide "all global users" digital residence through the RNS. This kicked off the partnership between Palau, Cryptic Labs, and the sovereign-backed digital residency initiative.With 18,221 residents, Palau has roughly 340 islands in the western Pacific Ocean. President Whipps made the following statement:
"Our Digital Residency Program will have the capacity for internationally recognized standards of identity verification to ensure that Palau upholds the rule of law and our reputational integrity."The digital residency program uses RNS to provide end-to-end encryption, allowing users to choose how much location and ID information they would like to disclose with others. Under the program, the approved users will receive an ID as an NFT along with a physical ID card. This will be used to enable secure ID verification and access to KYC functions, as well as laying the foundation for on-chain verification.
Cryptic Labs CEO believes that Palau will shine through the agreement
Cryptic Labs' CEO, Bril Wang, commented on the agreement by saying that the Republic of Palau will transform economic growth in the country and around the world. He further adds, "The world is beginning to recognize the practicality, versatility, and truly transformative power of digital identity — this is a swift step towards that future."Those interested in applying for digital residency can do so by setting up an account and paying with crypto or credit card.
Palau's Digital Residency Program is the country's second major entry point into the blockchain world. In November, as we reported, the West Pacific island nation joined hands with the fintech company Ripple (XRP) to build an environmentally friendly digital currency for smooth cross-border payments.
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