Senator Mark Rudimch said that the Office of the Public Auditor (OPA is pushing through with its plan to conduct a thorough audit of the Palau Stablecoin Pilot Project.
Palau has partnered with Ripple to develop strategies for a digital currency and developing strategies for cross-border payments and a USD-backed digital currency for Palau.
Rudimch said that the audit plan started in July of 2023 but has been facing challenges to get the work started.
In a letter to Senate President Hokkons Baules. Sen. Rudimuch said that the audit is being “ held back by several reasons, such as identifying an expert from the Department of Interior to assist OPA and retaining a lawyer to help them with legal issues.
Sen. Rudimch has requested OPA to look into the project including a technical analysis of the digital coding behind the digital currency.
In December last year, the government announced the pilot program of the stablecoin as successful.
The three-month pilot, in partnership with US fintech firm Ripple, was completed in September.
OPA in agreeing with the audit said that it is of “great importance to the public.” (By: Bernadette Carreon)