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While large states such as the United States and China choose to fight cryptocurrency, small states are trying to use cryptocurrency to their advantage
Bloomberg opined, Bhutan’s central bank’s desire to take digital cash could create opportunities for blockchain-based decentralized finance. Hopefully, it won’t use up too much energy and will leave people happier than they are now.
Monica Long expressed: With a focus on going carbon-negative and using digital currency (including a partnership to pilot Ripple’s CBDC solution!) to promote financial inclusion, Bhutan is leading the charge ahead of neighbors like India.
Community response: A country that priorities “gross national happiness” over product is trailing a private XRPL for its CBDC. Clean, green, fast, cheap, interoperable sovereign digital money, built w Ripple and interoperable w the public decentralized XRPL.
Bhutan is the only country in the world that is carbon negative. However, once everything is over, will it be like train to Bhutan where everyone is trying to grab XRP?
If XRP can reach Bhutan, the tiny nation it can reach anywhere. I hope everyone is paying attention. They are coming and they are here (CBDCs).
The real winners are you all. You are defining and leading the charge on innovation. Changing the world for better. Really shows how successful you will be in Fintech. I’m blown away every day by the technology.
For clarity, Ripple recently announced their partnership with Bhutan’s Central Bank, the Royal Monetary Authority (RMA).
The RMA has decided to make use of Ripple’s CBDC Solution to pilot the Central Bank Digital Currency (CBDC) in organized phases.
Bhutan as a nation focuses on improving digital and cross-border payments to further improve on their financial inclusion efforts to extend its commitment to sustainability in being the only carbon-negative country in the world.
Bhutan by taking part in financial innovation are supporting inclusion. The RMA is now becoming a leader in financial innovation. They have been building on the top of the country’s payment infrastructure and capabilities. This initiative is expected to tap the CBDC solution to support seamless retail, cross-border and wholesale payment use cases for a digital Ngultrum.
The RMA believes that financial inclusion is possible due to easier, faster and more affordable payments, both domestically and internationally by 85% by 2023.
The technology underlying the XRP Ledger is powerful. It is combined with Ripple’s experience in cross-border payments and tokenization. It is expected to harness tremendous speed, cost and innovation advantages in this mission.
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