Palau wraps XRP LEDGER SUGEIT AUDIT: Here is what Ripple paid

The Palau General References Office (OPA) has issued a long -awaited performance review of the XRP XRP, which is taken from the XRP XRP, to confirm that Ripple Services, funds the 25 -month experiment with one batch at a value of $ 25,000 and that just more than half of the grant has been spent. The 12 -page report closes the accounting page on the Palau Stablecoin project (PSC), which was run from October 26, 2021 to November 27, 2023.
The $ 25,000 RipPle grant was confirmed at Palau Stablecoin Audit
Scrutiny Documents Ripple WIRED showed $ 25,000 in the National Treasury on March 10, 2023. of this amount, the Ministry of Finance (MF) spent $ 14,035, mainly to recover three Surngel & Sons, Penthouse Hotel and King Minut Mart-to recover PSC by 154 volunteer employees in volunteers. The uninterrupted balance of $ 10,965 in the treasury is still awaiting a political decision on a possible second stage.
The Ripple contribution was properly reserved under the fiscal year budget law 2023 (RPPL 11-24), and in OPA words, “it was properly calculated and deposited in the national treasury”, a result of the dissipation of previous speculation that the grant exceeded the regular budget channels.
OPA opened the investigation at the request of Senator Mark Rodish, whose resources and trade and development were raised in July 2023 about the constitutionality of the program and financial controls. Therefore, the review set two narrow goals: whether the Ministry of Finance has a legal authority to partnership with a private company and whether it follows the Palauan Law to do so.
Regarding the material, the auditors concluded to MOF, “He acted within its vast authority and did not violate his mandate,” but they reported two procedural violations. First, the original memorandum of understanding was not approved in October 2021, nor was the Stablecoin Services Agreement for “for the model and legitimacy” was not approved by the Public Prosecutor, as required by 40 PNC § 612. Second, the National Director of the Program, Budget and Administration was not certified on the availability of funds when distributing services, a step by 40 PNC Rald.
“The Republic of Palau cannot verify the form and legitimacy of the agreements as intended under the law,” Oba wrote, and urged MF in an official recommendation “to ensure that every government contract … is approved by the public prosecutor before implementation.”
The Ministry accepted the infection, but in its written response, it stressed that “the agreements that do not link the Republic are often acceptable without reviewing AG”, adding that it “has constantly relied on the legal advice provided by the President’s Legal Staff Office.” Regarding the design difference in the budget, the officials noted that the certificate had occurred at the time of each exchange, and they argued that the grant was already covered under the provisions of the annual external assistance. “Thank you for the results that are accepted as presented,” MF said to the accounts.
Ledger XRP pilot ended: What next?
Besides procedural reforms, OPA made an accurate judgment on the same policy experience. He praised the design of the pilot to explore “technological solutions that allow the Ministry of Finance to the Department of Mining, Distribution, Distribution and Destruction of PSC … registered on the General Professor XRP book”, and highlighted the potential benefits of financial inclusion and low transaction costs. However, the report also warned that the circulating national Stablecooin offering will require clear legislation by Olbiil Era Kelulau (Palau’s Congress); Without such an act, that is, expansion “will be illegal.”
For Ripple, the review is retracted from a three-year participation whose cash expenditures-$ 25,000-modestly compared to the model of the typical typical currency. While the report does not issue any ruling on technical performance, it confirms that the Professor XRP book dealt with mint and burns courses and retail stores. For Palau’s policy makers, the next decision is whether the legislation that will transform PSC will be formulated from proving the concept into a legal tender-or to leave the dollars of the remaining grant is not available and the project is on the shelf.
At the time of the press, XRP was traded at $ 2.1696.

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