The Royal Bhutanese Monetary Authority will test their digital currency through a partnership with Ripple.
Bhutan’s Central Bank selects Ripple as its CBDC partner
The San Francisco-based blockchain company will integrate its decentralized ledger technology with Bhutan’s existing payment system. During the pilot phase, Ripple’s operated central bank digital currency (CBDC) will be used for cross-border transfers as well as other payment services.
Brad Garlinghouse, CEO of Ripple, said his company wanted to develop a platform that would allow multiple types of CBDCs to interact with each other. This partnership seems to have existed for a long time. Because Tashi Yezer, director of payment systems at the central bank of Bhutan, was one of the speakers at the Ripple conference for the APAC region in April.
In early March, Ripple announced the private version of the XRP Ledger, a ledger specially designed for central banks with instant, energy efficient and reliable features.
David Schwartz, CTO of Ripple, recently unveiled the concept of federated sidechains on the XRP ledger, which enables central banks to build their own networks. In addition, the project has also published a whitepaper entitled “The Future of CDBCs”.
In July, Asheesh Birla, general manager of RippleNet, said his team had long had discussions with central banks. The company claims that despite legal problems domestically, its business continues to thrive outside of the United States.
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According to AZCoin News