The Royal Monetary Authority of Bhutan will start trialing its CBDC in partnership with Ripple
According to Nikkei reports, Ripple announced that it is partnering with the Royal Monetary Authority of Bhutan to start trialing the central bank digital currency (CBDC). The aim is to introduce blockchain technology into Bhutan’s existing payment infrastructure to improve the convenience of personal and international remittances.
The central bank of Bhutan has picked Ripple as its CBDC partner
The San Francisco-based company will integrate its decentralized ledger technology into Bhutan’s existing payment system. During the pilot phase, the CBDC will be used for cross-border remittances and other payment services.
Brad Garlinghouse Ripple CEO, said his company wanted to develop a platform that would allow multiple types of CBDCs to interact. This partnership seems to have been around for a while. Because Tashi Yezer, director of payments systems at the central bank of Bhutan, was one of the speakers at Ripple’s conference for the APAC region in April.
Ripple announced the private version of the XRP Ledger, a ledger specifically designed for central banks, earlier in March. It showcases a solution that is instant, energy-efficient, and reliable.
Ripple CTO David Schwartz recently introduced the concept of federated sidechains on the XRP Ledger, allowing central banks to set up their networks. In addition, the project also released a white paper titled “The Future of CDBCs.”
In July, RippleNet general manager Asheesh Birla said his team has been in discussions with central banks for a long time. The company claims that its business continues to thrive outside of the United States despite legal troubles at home.
XRP/USD 4-hour chart | Source: TradingView
At the time of writing, XRP is changing hands at $0.9644, recorded a 5% increase in the last 24 hours.
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