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Ripple is helping Bhutan pilot a CBDC

The Royal Monetary Authority of Bhutan is partnering with to pilot a central bank digital currency in the mountainous kingdom.

In a Wednesday announcement, Ripple Labs said Bhutan’s central bank would be taking advantage of the company’s private ledger to issue and manage a digital ngultrum. According to Ripple, the move was motivated by the Royal Monetary Authority’s, or RMA’s, effort to improve cross-border payments, expand financial inclusion for its residents, and “extend its commitment to sustainability as the only carbon-negative country in the world.”