Central Bank of Bhutan partners with Ripple
The Central bank of Bhutan established a partnership with Ripple for the rollout of the Central Bank Digital Currency based transactions trials.
Amid huge issues raised against the Central Bank Digital Currency against the monetary policy, many countries are rapidly doing trials, research and development for the Central Bank Digital Currency to enhance the potential of traditional financial structure. In the latest, Bhutan’s central bank is ready for CBDCs.
Read also: HSBC CEO supports CBDCs against crypto and stablecoins
A report covered by Japanese financial news outlet Nikkei, confirmed that the San Francisco-based company Ripple will use its distributed ledger blockchain technology in the payment system of the Central bank of Bhutan.
As per report, Ripple will use its own central bank digital currency to back Bhutan’s financial system to test the successful trial of the efficient & fast transaction in cross border payments.
Brad Garlinghouse, CEO of Ripple, stated that they want to develop a platform that can integrate the different central bank digital currencies ( CBDCs).
While the governor officer at the Royal Monetary Authority of Bhutan, Yangchen Tshogyel, said that they have huge expectations with the Ripple to allow CBDCs as a sustainable platform for the payment system.
“Our collaboration with Ripple is testament to the potential of CBDCs to provide an alternative and sustainable digital payment instrument in Bhutan”
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