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Senator Mark Rudimuchi said the Office of Public Auditors (OPA) is moving forward with plans to conduct a comprehensive audit of Palau’s stablecoin pilot project.
Palau has partnered with Ripple to develop a digital currency strategy and develop a digital currency strategy for cross-border payments and U.S. dollar-backed digital currencies for Palau.
Rudimuchi said the audit was scheduled to start in July 2023, but it has been facing challenges in getting the work started.
In a letter to Senate President Hockens Bowles, Senator Rudy Mucci said the audit was “hindered for a number of reasons, such as the need to find an expert from the Department of the Interior to assist OPA and to hire an attorney to help them with legal issues.”
Senator Rudy Mutch has asked the OPA to investigate the project, including a technical analysis of the digital coding behind the digital currency.
In December last year, the government announced that the stablecoin pilot program was a success.
The three-month pilot project, in partnership with US fintech company Ripple, was completed in September.
The OPA agreed to the audit, saying it was “very important to the public.” (Bernadette Carreon)
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