The Ministry of Finance ( MOF) said it is working on teaming up with fact-
checking agencies to ensure transparency and to combat misinformation
about Palau’s Stablecoin ( PSC) program.
The Finance Ministry in its Phase 2 report about the PSC program to the
members of the Congres details the progress it has made on the initiative
including how it will fight against falsehood about the program.
“Both globally and nationally, managing social perception in the age of digital
media is crucial. With misinformation rampant, Palau recognized the
importance of combatting false narrative swiftly, “ the report stated.
PSC is a digital currency pegged to the United States dollar, which uses Ripple’s XRP
Ledger.
Phase 2 of the program according to the Ministry will include the development of a
framework of a national payment service system similar to PayPal or Alipay.
But with the initiative, the report said misinformation has spread over the security and
transparency of stablecoin including the likelihood of an increase of money
laundering activities through the program.
“Palauans will not be able to launder money using the planned National Payment
service, it is impossible,” the report stated.
It added that political opposition to the program has also been accused of money
laundering risks from stablecoins and unauthorized congressional activities.
The report noted that it is important for the program to have a robust communications
and public information campaign to dispel misinformation.
The ministry is also planning to hold workshops and digital campaigns to help the
community understand stablecoin.
It also vowed to build a “positive media relationship” to get a balanced picture of the
project for both the national and global landscape.
The ministry said it believes in “transparency: and keeping “everyone in the loop,” to
avoid misinformation. (By: Bernadette Carreon)
MOF says it will combat misinformation about Palau stablecoin by promotingtransparency
