Ripple announced it is partnering with the Royal Monetary Authority of Bhutan (RMA) to pilot a central bank digital currency (CBDC) using the Ripple CBDC Private Ledger. Listen to James Wallice, VP at Ripple explain how XRP is used as a bridge currency.
As with many developing countries, financial inclusion is the primary motivation for Bhutan’s exploration of a CBDC. The RMA hopes that a digital Ngultrum will accelerate its mission to increase financial inclusion in Bhutan to 85% by 2023. This is bearing in mind that Bhutan has a population of less than one million.
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