The audit revealed that the Republic of Palau’s Ministry of Finance did not obtain necessary legal approvals before initiating the stablecoin pilot project. Ripple funded 25,000 USD for the program, but only a portion was spent as most funds were allocated for vendor payments.
The Public Auditor emphasized that any future developments necessitate legislative approval to proceed beyond the pilot phase. Without new laws from the legislature, expansion of the stablecoin initiative could be deemed unlawful.
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