The Republic of Palau received Binance CEO CZ, where he witnessed the BNB Chain-supported NFT ID program. The small country aims to develop an innovative regulatory framework to become a crypto hub.
The Republic of Palau announced Friday that it will issue identification cards to its digital residents in the form of nonfungible tokens on Binance’s BNB Chain blockchain. Binance founder and CEO Changpeng Zhao was on hand in the Pacific Island nation for the unveiling of the NFTs and to meet with Palauan President Surangel S. Whipps, Jr.program in January.
Planned uses for the new RNS ID NFTs include Know Your Customer functions, access to digital banking, verified on-chain signatures and accessing services requiring government-issued identification.“And having you here, CZ and Binance, opens 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 innovations that’s out there.
“There’s regulations we need to work on within the digital residency program, but more importantly, the Corporate Registry Act,” Whipps continued. “It’s good to have a commitment from Binance to help us from the regulatory side.” CZ said in his response, “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 went on to call Palau, which has a population of less than 20,000, a “very good prototyping ground.” Palau has distinct advantages for innovation, he said, as small countries are able to move fast to innovate, and Palau’s “kind of U.S.
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