Palau’s Stablecoin Audit Process Advances
Palau’s Ripple-backed stablecoin pilot audit process is advancing, with the Ministry of Finance collaborating with auditors and turning in
more than 200 documents for review.
Jay Hunter Anson, a Palau Ministry of Finance member, explained he was
ready to show auditors that every transaction can be traced thanks to the public ledger tech.
The audit process on
Palau’s stablecoin (PSC) pilot, a project that uses Ripple’s xrpl ledger to issue a dollar-backed stablecoin as a central bank digital currency (CBDC), is advancing, as the
Ministry of Finance collaborates with the government auditors.
J ay Hunter Anson, a member of the Ministry of Finance, offered an update about how blockchain technology would help
in the process due to the traceability of each transaction.
Rudimch criticized the legality of the program and the funds used for its implementation, stating that the
Ministry of Finance might not have the faculties needed to organize the pilot.
Hunter Anson has personally answered some of Rudimch’s inquiries, explaining that PSC
was not another cryptocurrency like Bitcoin, being more akin to Alipay, a Chinese payment system used widely in Palau without requiring special laws to be passed.
The fate of Palau’s stablecoin
is still uncertain, as the government announced that the program would be evaluated for two months,
with its upcoming expansion depending on the review of its impact, among other aspects.
