Ripple partners with the Royal Monetary Authority of Bhutan

Thursday 23 September 2021 14:23 CET | News

Ripple has partnered with the Royal Monetary Authority of Bhutan (RMA) to pilot a Central Bank Digital Currency (CBDC) using the Ripple CBDC Private Ledger.

According to Ledger Insights, the RMA hopes that a digital Ngultrum will accelerate its mission to increase financial inclusion in Bhutan to 85% by 2023.

Bhutan’s interest in a CBDC is also likely spurred by the high volumes of remittances that the country receives. While the figure is only USD 83 million according to the World Bank, the amount represents more than 3% of the country’s GDP of USD 2.5 billion. 

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Keywords: partnership, Ripple, CBDC, remittance
Categories: DeFi & Crypto & Web3
Countries: Bhutan
This article is part of category

DeFi & Crypto & Web3