A small country managed to roll out its own digital residency initiative at the start of the year. The idea was to attain and retain the attraction of the young population towards different industries and the growing business community. As a small country, the Republic of Palau is certainly defying the odds.
Palau’s New Digital Residency Program
Last Friday, Palau announced that it plans to issue identification cards to its new digital residents through NFTs. Digital residents will be able to get non-fungible tokens on BNB Chain Blockchain. In fact, Changpeng Zhao (CZ), CEO and founder of Binance, was present in the Republic of Palau to unveil the NFT-based program. This initiative also made it possible for Changpeng Zhao (CZ) to meet Surangel S. Whipps, Jr., the President of the Republic of Palau.
Palau launched a new RNS or Root Name System as part of its Digital Residency initiative back in January. What’s interesting is that Crypto Labs was involved in the development and progress of this program. Crypto Labs successfully managed to render government-issued identity cards to global citizens. At the same time, citizens of Palau can also keep their physical cards.
Use Cases of ID NFTs
The truth is that there is a wide range of use cases when it comes to RNS-base ID NFTs. For starters, it involves Know Your Customers or KYC functions. This, in turn, ties together with more accessibility to modern-day digital banking and on-chain verification of signatures. And all of this is based on government-issued IDs that grant service accessibility through signatures.
According to Changpeng Zhao (CZ), the long-term mission is to make the Republic of Palau one of the hubs of NFTs through attractive government programs. In the official press conference, Changpeng Zhao also added that more NFT-based programs would help Palau achieve their dreams.
New Program, New Opportunities
With Binance and CZ in Palau, it opens new windows of opportunities in various industries. In fact, business owners are more optimistic than ever to draw the attention of the young generation. The President of Palau believes that this NFT program would serve as a stepping stone to leveraging more innovative technologies in the coming years.
The new digital residency initiative will have to navigate the regulations and comply with Corporate Registry Act. Still, the shared and continuous commitment from the Palau government and Binance would make it easier to address regulatory obstacles.