June 26 (Cointime) - Palau's digital residency program, RNS.ID, allows individuals to obtain digital residency assets for a fee of $248, which extends their visas and provides access to banned cryptocurrency exchanges while concealing their true identities.

The program offers virtual assets that serve as a means of identity verification for various businesses, including cryptocurrency exchanges, and has the potential to serve as a backdoor for citizens from countries with stricter regulations to access such exchanges.

While concerns persist regarding the potential misuse of the program, RNS.ID has attracted over 7,338 digital residencies and generated revenue exceeding $1 million.

The crypto community has exhibited diverse reactions to the program, with some successfully using the digital ID to engage in previously inaccessible crypto transactions.