Ripple to help Bhutan test CBDC

September 30, 2021

Ripple to help Bhutan test CBDC

The Royal Bhutan Monetary Authority (RMA) has partnered with fintech company Ripple to pilot test the central bank's digital currency (CBDC).

Announcing our partnership with the Royal Monetary Authority of Bhutan, which will use Ripple’s CBDC solution to pilot a digital Ngultrum!

Ripple believes XRP Ledger distributed ledger technology and the firm's CBDC solution based on it can enable fast and low-cost retail, wholesale, as well as cross-border payments.

The firm believes that the use of XRP Ledger provides central banks with greater control over CBDC issuance, management and privacy compared to public blockchains.

"In addition to privacy, the CBDC solution is also specifically designed to handle the volume of transactions required for a successful retail digital currency. It provides central banks such as the RMA with the security, control and flexibility needed to deploy CBDC without compromising financial stability or monetary policy objectives," the statement said.

Recall that in early 2021, Ripple said it was discussing using XRP Ledger as the basis for CBDC "with various central banks around the world".

In March, the company announced it was testing a private version of its distributed ledger for this purpose.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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