Royal Monetary Authority of Bhutan confirms partnership with Ripple

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Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • The Royal Monetary Authority of Bhutan (RMA) has announced a new partnership with blockchain-powered cross-border payments infrastructure company Ripple.
  • The RMA is the central bank of Bhutan and is expected to take up a central bank digital currency (CBDC) using Ripple’s Private Ledger for a variety of use cases, including international money transfers.
  • “We couldn’t be more thrilled to partner with the RMA on its CBDC agenda and foster our shared values in creating a more sustainable, accessible, and financially inclusive reality,” said a senior spokesperson for Ripple.

The central bank of Bhutan has announced a new partnership with blockchain-powered payments infrastructure company Ripple.

The Royal Monetary Authority of Bhutan (RMA) said that it will pilot a central bank digital currency (CBDC) with Ripple’s CBDC Private Ledger.

This will allow the RMA to test a variety of use cases, including wholesale, retail and cross-border payments.

The RMA is believed to be currently ramping up plans for a digital version of its currency.

This process is a key part of the RMA’s mission to increase financial inclusion in Bhutan to 85% within the next couple of years.

The RMA is considered to be an excellent example of regional innovation when it comes to payments and transfers.

Two years ago, for example, it announced the arrival of a system called the Global Interchange for Financial Transactions (GIFT).

This system allowed users to make high-value transfers and multiple payments simultaneously.

In a statement, the vice president of Central Bank Engagements at Ripple said that the company was delighted about its new partnership with the RMA.

James Wallis explained that the two organisations have a number of “shared values”.

“We couldn’t be more thrilled to partner with the RMA on its CBDC agenda and foster our shared values in creating a more sustainable, accessible, and financially inclusive reality,” he said.

He praised the “superior functionality” of Ripple’s offer in particular, referring to the importance of interoperability in this regard.

“In addition to providing the full lifecycle of CBDC requirements, Ripple’s solution offers central banks the superior functionality and interoperability needed to implement global cross-border CBDC payments.”

The RMA’s deputy governor said that the collaboration reflected the promise and potential of CBDCs.

Yangchen Tshogyel said that experimentation with payments infrastructure was now the order of the day.

“Our collaboration with Ripple is testament to the potential of CBDCs to provide an alternative and sustainable digital payment instrument in Bhutan,” he explained.

“Ripple’s technology will allow for the experimentation of a CBDC with our existing payments infrastructure, while ensuring cost-effective cross-border transfers.”

Ripple is just one of a huge number of companies operating in the online money transfer sphere – to find out more about what these companies are doing, just head over to our reviews pages.


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