Ripple partners with the Central Bank of Bhutan to test the digital currency CBDC
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Answer Ripple partners with the Central Bank of Bhutan to test the digital currency CBDC
The Royal Monetary Authority (RMA) of the Central Bank of Bhutan has teamed up with Ripple to launch a digital version of its national currency.
The partnership is expected to boost the country’s financial inclusion by 85% in the next two years.
Ripple Partnership with the Central Bank of Bhutan:
announced Ripple Inc. announced that it will enable the Central Bank of Bhutan to employ its network to test a digital currency for the Central Bank (CBDC), as the announcement came with the following:
Today, we are proud to announce our partnership with the Central Bank of Bhutan, the Royal Monetary Authority (RMA), which will use the Ripple solution to pilot a CBDC in phases.Read:One of the oldest Thai banks asks the crypto community to wait for a big Ripple announcement
By launching this move, the Royal Monetary Authority expects to boost cross-border digital payments and expand financial inclusion efforts by 85% by 2023.
Bhutan is known to be a small landlocked country in the Himalayas and is the only carbon-neutral country. As such, Ripple made it clear that a CBDC solution would conform to its principles, stating:
Ripple’s commitment to sustainability has been important to Bhutan.
The CBDC solution is considered carbon neutral, and because it is based on the public XRP Ledger, it is 120,000 times more energy efficient than blockchain networks that rely on a Proof of Work mechanism.
Next, Ripple indicated that its network would provide central banks with more control over issuance, management, privacy, and verification of what you might get with public blockchains.
Ripple’s penetration into Asia:
Ripple has already expanded its reach to the largest continent.
About a month ago, Ripple joined and partnered with South Korean service provider GME Remittance.
This latest collaboration has enabled communication with Thailand’s leading bank, Siam Commercial Bank (SBI).
The initiative will accelerate and expand payments between the two Asian countries as more than 180,000 Thai citizens are currently residing in South Korea.Read:Five years in prison for someone who stole $100 million worth of cryptocurrency…Details here
At the time, Subash Chandra Poodle, COO and GME Director of Remittances, praised the Ripple network as a fast and transparent way to send money across borders, stating:
We chose Ripple as our partner because with RippleNet we can launch to new countries with new partners in 1-2 weeks.
This has significantly reduced the time to market and provides us with an advantage over our competitors.
In turn, Amy Yoshikawa, a director of Ripple, pointed out that people have a necessity to send money around the clock, even on holidays or weekends.
She emphasized that the initiative aims to complete those requirements.
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