Nauru seeks to transform its economy by becoming a cryptocurrency powerhouse
“Nauru’s newly minted Command Ridge Virtual Asset Authority [CRVAA] creates a licensing and regulatory scheme for digital asset transfers, including cryptocurrency lending and exchange.”
“If a trusted, stable regulator existed, Phelps [CRVAA chief executive] said, it could lay the foundation for money flows in the Pacific to go fully digital, as they set the example for other nations developing their own regimes.”
“You’ve probably heard of Western Union and businesses. I have a view that Nauru could become a remittance payment provider for itinerant workers throughout the Pacific who would like to send money home.”
“On 3 July, Australia’s financial crime enforcer AUSTRAC announced an audit of Western Union, the Pacific’s largest remittance provider, for gaps in its anti-money laundering systems, including poor customer due diligence, and non-reporting of suspicious transactions.”
See also: Opportunities are endless for Nauru as Australian executive appointed to head new virtual assets regulator