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Sovereign Union Announces CBDC Pilot Partnership with Apollo Fintech

Ngerulmud,A Palau, Sept. 18, 2020 (GLOBE NEWSWIRE) -- Blockchain companiesA Sovereign UnionA andA Apollo FintechA are announcing a new partnership to bid and acquire blockchain-related government contracts across 26 Pacific island countries. The initiative includes pilot programs in Palau and Micronesia. The companiesa?? proposed ledger applications include the National Payment Platform for the issuance of Central Bank Digital Currencies (CBDC) and the Apollo E-Government Platform. In an effort to transition Pacific-area territories and their largely unbanked population towards an efficient, cashless economy.
Last month, Apollo Fintech announced the completion of itsA National Payment PlatformA (NPP), an innovative settlement system that enables a central bank to issue a sovereign, digital currency (stablecoin) for national adoption. This is a pivotal technology that has the potential to power an economy through the use of CBDCs, Pacific governments are exploring ways to exercise rights as an independent jurisdiction and issue a sovereign electronic currency.a??This exciting partnership brings communities in the Pacific the ability to utilize a cashless economy without the traditional barriers of ePayments, allowing any nation to take part in the cashless revolution,a?? says Sovereign Union founderA Tridib Nandy. a??Frictionless commerce via digital stablecoins will empower economies across the Pacific to create new prosperity and to achieve a better economic future.a??Bringing CBDCs to Pacific NationsSince 2018, Sovereign Union has established relationships and educated Pacific-area governments about public ledger technologies, including Central Bank Digital Currencies (CBDC) that utilize the power of electronic and ledger-secured payments that achieve massive efficiencies at scale.
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