Yesterday, Ripple announced it is partnering with the Royal Monetary Authority of Bhutan (RMA) to pilot a central bank digital currency (CBDC) using the Ripple CBDC Private Ledger.
As with many developing countries, financial inclusion is the primary motivation for Bhutan’s exploration of a CBDC. The RMA hopes that a digital Ngultrum will accelerate its mission to increase financial inclusion in Bhutan to 85% by 2023. This is bearing in mind that Bhutan has a population of less than one million.
“Our collaboration with Ripple is testament to the potential of CBDCs to provide an alternative and sustainable digital payment instrument in Bhutan,” said Yangchen Tshogyel, deputy governor of RMA.
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