The Central Bank of Bhutan, the Royal Monetary Authority (RMA), has partnered with Ripple to start testing a model of its central bank digital currency (CBDC) using Ripple’s technology. The test will be using Ripple’s own CBDC private ledger, to support similar use cases. The pilot test will include retail, cross-border and wholesale payments for the proposed CBDC.
Bhutan Involves Ripple in CBDC Pilot Test
Bhutan, a small country located in the south of Asia, is working on the issuance of a central bank digital currency of its fiat currency, known as the Ngultrum. The nation will be partnering with Ripple, the cryptocurrency and payments company, to pilot test the digital currency in different use cases. The Royal Monetary Authority (RMA), Bhutan’s central bank, will use Ripple’s technology for the tests.
This pilot provides yet another example of a country approaching the digital currency world as a way of improving access for citizens to financial services. In this regard, Bhutan expects these actions to increase…