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The country’s Royal Monetary Authority will begin pilot testing the CBDC using Ripple.
Ripple has announced a partnership with the Royal Monetary Authority of Bhutan (RMA) as part of a pilot test of the national digital currency (CBDC). Ripple claims that the company will be able to provide cheap and fast payments with a dedicated CBDC solution based on the XRP Ledger.
Bhutan has a population of about 800,000, and many do not have access to a savings account or credit card. The RMA plans to increase financial inclusion in the country by 85% by 2023, making payments with CBDC “easier, faster, and more affordable.”
In May this year, Ripple became a partner of the largest bank in Egypt. Through the global payment network RippleNet, the bank gained direct access to financial services provider LuLu International Exchange, which is based in the United Arab Emirates. This will enable the bank to process cross-border payments from the UAE.
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