The House of Delegates (HOD) will consider during its July session a piece of legislation related to cryptocurrency and blockchain technology.

House Speaker  Sabino Anastacio said during a press conference last week that the HOD will entertain discussions on the technology of cryptocurrency on its July session agenda.

The speaker said that due to the recent growth of virtual currency market, lawmakers are keen on looking into the technology and how it will benefit Palau.

Businessman Alan Seid said he is behind a push for Palau to embrace blockchain  and cryptocurrency technology. “ Blockchain is the new key technology that provides safe and transparent transactions online,” Seid said.

He said his group has offered to support the drafting of a legislative bill with the key expertise to support the efforts of the Congress in its plan to submit such bill before Congress by July.

Seid said together with foreign investors, the proposed bill will focus on utilizing the country as a digital asset exchange hub.

Seid said more information on the proposed bill will be underway, pending submission to Congress but stressed the legislation would not focus on developing a digital currency for Palau.

“We realize that much public education is needed and will do our best to provide such public education on the meaning of digital assets exchange and blockchain as a technology for the modern digital world.” He stated.

Seid said he is hopeful that Palau can have a new source of revenues and jobs creation from the effort. (Bernadette H. Carreon)