Thu. Jun 20th, 2019

Measure eyed to delay implementation of famed Palau Marine Sanctuary

Two separate measures have been proposed calling for the delay of the implementation of the Palau National Marine Sanctuary Act- the law that will close 80 percent of Palau’s Exclusive Economic Zone (EEZ) to commercial fishing. Proponents of the measure said the tourism downturn is affecting the fees earmarked for the famed marine sanctuary.

The two bills were introduced in November highlighted that the lower number of tourists visiting Palau lowered the revenues from the Environmental Impact Fee.

On January 2018, every visitor coming to Palau will have to pay $100 environmental fee. The environmental fee is the primary financing mechanism for the Palau National Marine Sanctuary. Enacted in October 2015, The law will be fully implemented in the year 2020, following a five-year transition period.

However, the bill introduced by Senator Rukebai Inabo called for the extension of the transition period for another 10 years.

While the bill introduced by Senators Kerai Mariur, John Skebong, Stevenson Kuartei, Aric Nakamura and Mark Rudimch asked for a delay of the implementation for five years.

Both bills took into account the declining tourism numbers that affecting Palau’s economy.

The $100 fee is allocated as follows:  $10 to Fisheries Protection Trust Fund; $12.50 to state governments; $25 to the security, operation, maintenance, and improvement of the Palau International Airport (provided all funds from local revenue that would have been appropriated for those purposes shall be appropriated to the Civil Service Pension Fund); $30 earmarked for Protected Areas Network; and $22.50 to revert to the National Treasury.

The senators who proposed the delay in the implementation said that the low collection is also affecting the funding of other agencies that rely on the fee.

Palau set aside 500,000 square kilometers or 80 percent of its maritime waters for full protection.

The remaining 20 percent of Palau’s seas will be reserved for domestic fishing.    (Bernadette H. Carreon)


ICB Bank and Pangea Foundation to cooperate on a password-based financial services business

June 14, 2019 - Palau ICB Bank will launch new financial services based on the Pangea Foundation and cryptography promote business.

ICB Bank on Thursday, the cryptographic currency foundation Pangea (PAN) and block chain-based cryptography and signed business agreement to promote the financial services business.

ICB Bank uses the Pangea Foundation's password currency 'Pangea' to combine financial services. We plan to jointly promote various Pin Tech businesses.

In particular, ICB Bank is working with Pangea Foundation. ICB Bank promote issuance of visa cards and master cards based on cryptography. The company is releasing debit cards that can be settled as collateral.

If a Visa or Master Card is actually issued, payment will be made in everyday life anywhere in the world. It is becomes possible, consumers can use the Visa/Master Card on-line merchant's Bitcoin, Ethereum.

The bank, a financial institution works with the Cryptographic Fund to provide financial services that can be applied in everyday life. The roll out is expected to be the first in the block chain pin tech industry.

An official from the Pangea Foundation said, "Working with the bank, in the future, global credit card companies and we will expand services to Eurpoe, Latin America and other countries in connection with possible banks." he said.

On the other hand, Cryptography Pangea (PAN) is an ERC20-based token used for remittance and payment. Adds a centralize authentication agreement to decentralized lenders technology for faster transaction rates. Billing platform at the same time. Currently, Indonesia, Vietnam, Uzbekistan, Europe, etc. and the Cryptographic Exchange of eight countries in Southeast Asia and Latin America.

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