Palau Financial Institutions Committee: Suspension of all encryption-related activities in the country

Local media reported that Palau has suspended all encryption-related activities in the country. The Palau Financial Institutions Board (FIC) launched a moratorium at the end of March. According to FIC, the suspension was triggered by the encryption startup Palau Coin, which claims to be a government-backed company. On its website, it describes itself as “a digital currency based on blockchain technology of the Palau Tourism Environmental Protection Fund, led by the Government of the Republic of Palau.” The report said the ban would involve companies involved in cryptocurrency services. . FIC said the temporary ban will remain in effect until the government develops and implements a legal framework for managing the encryption industry.