Royal Monetary Authority of Bhutan will start trialling its CBDC in partnership with Ripple. Ripple (XRP) has announced that it has partnered with the Royal Monetary Authority of Bhutan to begin trialling a central bank digital currency (CBDC), Nikkei reports. The aim is to incorporate Blockchain technology into Bhutan’s existing payment infrastructure to increase the convenience of personal and international remittances. Details Cryptocoin. com
Bhutan central bank chooses CBDC partner: XRP
The San Francisco-based company will integrate its decentralized ledger technology into Bhutan’s existing payment system. In the pilot phase, the CBDC will be used for cross-border remittances and other payment services. Brad Garlinghouse, CEO of Ripple, said that his company wants to develop a platform that will allow multiple types of CBDC to interact. This partnership seems to have been around for a while. Because Tashi Yezer, director of payment systems at the central bank of Bhutan, was one of the speakers at Ripple’s conference for the APAC region in April.
Ripple announced in early March a special version of XRP Ledger, a ledger specially designed for central banks. It demonstrates an instant, energy efficient and reliable solution. Ripple CTO David Schwartz recently introduced the concept of federated sidechains on the XRP Ledger that allow central banks to set up their networks. The project has also published a “white paper” titled “The Future of CDBCs”. In July, Asheesh Birla, chief executive of RippleNet, said that his team has been in talks with central banks for a long time. The company claims that despite legal problems in the country, its business continues to thrive outside of the United States series.
At the time of writing, XRP is changing hands at $0.9644 and is up 5% in the last 24 hours.