Palau to offer Digital Residency via blockchain (NFT)

[wellington]

Interesting but there is not much information on discord channel, and according to my experience with Estonian e-residency, it seems too much smoke without fire...

For me, the capital world of crypto will be no doubt UAE - rich people with a huge voice on the table- which can anytime say ''NO'' to the rest of the world, no offense but Palau is irrelevant like me, it will be very hard for the Western World to accept 0% tax for individuals who never ever plan to live in that country.

It's a dream for anybody who thinks that paying 199 dollars for the registration and then $49.50 for shipping and handling will enable him to enjoy zero tax.

Another big cash out for Tim Draper exploiting the poor is likely

Pretty certain a country (estonia?) did this back in the day... ended up being a AML headache they are now just cleaning up...

My guess is that these Palau ID cards are going to be only moderately more useful than those issued by the Principality of Sealand.

would be useful for KYC on exchanges etc, banks in europe/uk etc... but in the country itself? useless.

 

[Sols]

would be useful for KYC on exchanges etc, banks in europe/uk etc... but in the country itself? useless.

But would it, though? Would it really? Who's going to look at an NFT masquerading as an ID card and take it seriously?

I don't see it replacing presenting passport, in which case the Palau doc was kind of pointless.

Identity docs for purchase (including CBI/purchased passports) are often given a higher risk rating, as they are disproportionately used by people with a higher-risk background. Not necessarily criminal, just things that require extra diligence.

 

[wellington]

NFT masquerading as an ID card

Didn't see that aspect, thought it was a ID Card, (they show a passport also) and a NFT.

 

[hkrlh1]

Didn't see that aspect, thought it was a ID Card, (they show a passport also) and a NFT.

It's both.

But would it, though? Would it really? Who's going to look at an NFT masquerading as an ID card and take it seriously?

I don't see it replacing presenting passport, in which case the Palau doc was kind of pointless.

You're living the past lol. Plently of governments are adopting blockchain and NFTs in their systems. Zkrollups will be used for faster KYC.
Even Barbados is opening an embassy in the metaverse.

 

[Risehigh]

It's both.

You're living the past lol. Plently of governments are adopting blockchain and NFTs in their systems. Zkrollups will be used for faster KYC.
Even Barbados is opening an embassy in the metaverse.

This.But still curious which exchange will implement it. However I agree with the issues a nft based Version will bring.

 

[smartchoice]

my guess is Binance, but this is an irrelevant problem for me personally, many exchanges have no KYC policies for a certain amount. Cashing out the money is the challenge!

 

[Sols]

You're living the past lol. Plently of governments are adopting blockchain and NFTs in their systems. Zkrollups will be used for faster KYC.
Even Barbados is opening an embassy in the metaverse.

I know how compliance departments work at financial institutions. I've seen how the policies and procedures are written. I've also seen how regulators and government bodies write and interpret the laws.

Just because some countries are "adopting blockchain and NFT", doesn't change the fact that identities have to be verified in line with modern AML laws and regulations. Both can be true at the same time.

But showing up with an NFT-based ID card (if accepted at all) is going to be considered of lesser value and higher risk than most passports. It's not just down to what your average crypto exchange accepts. Most of them don't want to do any KYC at all. But they are beholden to the same AML laws as banks, if they want to access fiat.

 

[Dasilva]

Virtual inauguration of Tim Draper.

 

[bibing]

Anybody know how much it costs?

 

[marioIT]

Anybody know how much it costs?

248 usd.... per year! (you have to renew every year)

 

[NicolasMaduro]

248 usd for something you cant use for anything. Delightful

 

[bibing]

248 usd.... per year! (you have to renew every year)

Did you get one? If yes, why?

 

[Dasilva]

248 usd for something you cant use for anything. Delightful

A update on this :

The first batch of benefits will immediately be available for the first wave of IDs that will be sent out?

For your reference: **The first upcoming benefits are: **Virtual address with a US zip code
Adopt a Meter - Utility bill proof of address Digital signature/certificate
**The next batch of benefits are: **
Registering e-Corporations, Join a Palau telecommunications network, e.g. phone number, Internet services, Purchase a private network (VPN) in Palau, Purchase and sell assets/property, Purchase insurance, Access to digital brokerage, Digital nomad accounting, Digital notarization, Address rerouting from Palau to home country.

 

[NicolasMaduro]

For your reference: **The first upcoming benefits are: **Virtual address with a US zip code
Adopt a Meter - Utility bill proof of address Digital signature/certificate

I assume everyone gets the same Virtual address with perhaps a number added after.

I just wanna see it actual work. Because I doubt it can work with an obvious fraud utility bill

 

[Dasilva]

I assume everyone gets the same Virtual address with perhaps a number added after.

I just wanna see it actual work. Because I doubt it can work with an obvious fraud utility bill

I expect my ID soon. I will post my experiences here.

 

[Singa]

Why do i feel this like a Money grab? looks like everybody and their moms are taking advantage of crypto NFTs and Metaverse Boom

 

[Marie Manila]

I wanted to apply there, but how do we know, if rns.id is not a scam/fraud page? They (justifiably) ask for a lot of sensitive information (like a scan of your passport).
I could not find any link from an official webpage of Palau to rns.id.

 

[hkrlh1]

I wanted to apply there, but how do we know, if rns.id is not a scam/fraud page? They (justifiably) ask for a lot of sensitive information (like a scan of your passport).
I could not find any link from an official webpage of Palau to rns.id.

Yes that's the official page. It was literally advertised by the president and the government.

 

[Singa]

Yes that's the official page. It was literally advertised by the president and the government.

did you get your E-Residency, or when you will get it?

 

[hkrlh1]

did you get your E-Residency, or when you will get it?

They had a high demand. The cards are still in printing phase. They should be shipped soon.

I assume everyone gets the same Virtual address with perhaps a number added after.

I just wanna see it actual work. Because I doubt it can work with an obvious fraud utility bill

I guess it won't be much difference than a Dubai freezone address.