Bhutan Partners With Ripple to Deploy Central Bank Digital Currency (CBDC)

Bhutan Partners With Ripple to Deploy Central Bank Digital Currency (CBDC)
  • The price of XRP has risen over 10% in the past 24 hours.
  • Ripple’s CBDC Private Ledger allows central banks to access a network of CBDC Ledgers.

To pilot a central bank digital currency (CBDC) utilizing Ripple’s CBDC Private Ledger, Ripple announced a partnership with Bhutan’s Royal Monetary Authority (RMA).

The RMA will test retail, cross-border, and wholesale payment scenarios for a digital Ngultrum built on Ripple’s long-term blockchain technology. This will help it achieve its goal of 85% financial inclusion in Bhutan by 2023.

The RMA’s dedication to creating a safe and reliable payment system has made it a financial innovator. The central bank introduced the Global Interchange for Financial Transactions (GIFT) system in 2019. To make transactions easier, it integrates with the government’s Electronic Public Expenditure Management System (e-PEMS).

Ripple said:

“Beyond privacy, the CBDC solution is also custom designed to handle payments at the volume of transactions required by a successful retail CBDC.”

Bhutan, the world’s only carbon-negative nation, shares Ripple’s dedication to sustainability. The CBDC Private Ledger is carbon neutral and more efficient than proof-of-work blockchains by a factor of 120,000.

XRP Rises Over 10% in last 24 Hours

Deploying a CBDC strategy without jeopardizing financial stability or monetary policy goals is made possible by the CBDC Private Ledger. To ensure monetary and technical independence, Ripple’s CBDC Private Ledger allows central banks to access a network of CBDC Ledgers.

The RMA became an independent Central Bank with increased powers under the RMA Act (2010). Due to Ripple’s latest statement, the price of XRP has risen over 10% in the past 24 hours. XRP is currently trading over $1 with a $47 billion market value. XRP is the 6th largest cryptocurrency. Last week, XRP’s market cap surpassed Solana’s as per CoinMarketCap.

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