Binance founder CZ lands on Palau to gear up BNB-supported NFT IDs issuance

On Friday, the Republic of Palau announced the issuance of the identification cards to its digital residents in the form of NFTs on Binance’s BNB Chain. Crypto exchange Binance CEO and founder Changpeng Zhao (CZ) has landed in the nation to unveil NFTs and meet with President Surangel S. Whipps, Jr.

Palau joins hands with Binance

In January, the Palau government launched its Root Name System Digital Residency program with the aim of issuing identity cards to its global citizens. California-based innovative commercial lab Cryptic Labs joined the development of the program.

Know Your Customer (KYC) functions, access to digital banking, validated on-chain signatures and accessing services requiring government-issued identification are all planned uses for the new RNS ID NFTs. During a press conference, the President said:

“We want to create the Palauan dream. And having you here, CZ and Binance open 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 are out there.”

President Whipps says that there are regulations that the government needs to work on within the digital residency program, but more importantly, the Corporate Registry Act. He added:

“It’s good to have a commitment from Binance to help us from the regulatory side.”

The Pacific Island nation is known for its contribution to crypto adoption around the globe. In November 2021, Palau collaborated with Ripple to create a climate-friendly national digital currency.

Binance CEO called the country a “very good prototyping ground.” A country with a population of less than 20,000 has distinct advantages for innovation. CZ said that as small countries are able to move fast to innovate, Palau’s “kind of U.S.- driven” economy is fairly developed.

Tourism is open In Palau 🇵🇼, and so is blockchain. Come. pic.twitter.com/M7jcTC32cY

— CZ 🔶 BNB (@cz_binance) June 10, 2022

The exchange states:

“We will definitely explore further investment in the Palau ecosystem.”