The Republic of Palau has partnered with Cryptic Labs, a blockchain development firm, to launch a digital residency program called Root Name System (RNS).

The President of Palau, Surangel S. Whipps Jr, has signed the Digital Residency Act to legalize the system.

Through the Root Name System, global citizens would be issued a blockchain-based legal ID and a digital residency of the island nation.

Approved applicants will receive a physical and digital resident ID card. The digital resident ID card will be in the form of a non-fungible token (NFT).

According to Coin Telegraph’s report, the NFT ID will be used to “secure ID verification and access to KYC functions and forms the foundation for legal ID and verification on-chain.”

In the last 24 hours, bitcoin has been up by 5.36%, with a current price of $43,888.10 as of the time of writing this. Within 24 hours, bitcoin dropped to $41,299.51 low and $44,002.07 high. The trading volume of bitcoin in the last 24 hours is $1.14B. The current market capitalization of bitcoin is $830.30B. Currently, $18.93M bitcoins are in circulation.

Stats and Image from Coin Desk

The blockchain-based legal ID and digital residency will allow users to gain an address even when not physically residing in the Island country, access shipping services and digital signature verification.

President Surangel states that Palau will maintain international standards in handling identity verification.

“Our Digital Residency Program will have capacity for internationally recognized standards of identity verification to ensure that Palau upholds the rule of law and our reputational integrity. We welcome all global citizens to apply to participate in Palau’s digital residency program.”