CZ visits Palau to kick off BNB Chain-supported ID NFTs for digital residency program

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CZ visits Palau to kick off BNB Chain-supported ID NFTs for digital residency program

The tiny country introduced its digital residency program at the beginning of the year in the hope that it will help to retain the youthful population and attract business and industry.

The Republic of Palau announced Friday that it will issue identification cards to its digital residents in the form of nonfungible tokens (NFTs) on Binance’s BNB Chain blockchain. Binance founder and CEO Changpeng Zhao (CZ) was on hand in the Pacific Island nation for the unveiling of the NFTs and to meet with Palauan President Surangel S. Whipps, Jr.

Palau introduced its Root Name System (RNS) Digital Residency program in January. California-based Cryptic Labs took part in the development of the program, which provides global citizens with identity cards issued by the government of Palau. Physical cards already exist.

Planned uses for the new RNS ID NFTs include Know Your Customer (KYC) functions, access to digital banking, verified on-chain signatures and accessing services requiring government-issued identification.

“We want to create the Palauan dream,” Whipps said at a press conference, adding:

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