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Ripple is helping Bhutan pilot a CBDC

coinnewsdaily by coinnewsdaily
September 23, 2021
in Business, Ripple, Tech
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future of cbdc central bank digital currency
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future of cbdc (central bank digital currency)

To test a central bank digital currency (CBDC) in Bhutan, the Royal Monetary Authority of Bhutan has partnered with Ripple to develop a digital currency pilot program.

Ripple Labs announced on Wednesday that Bhutan’s central bank would use the company’s private ledger to issue and administer a digital ngultrum, which is a type of cryptocurrency.
In the words of Ripple, the decision was driven by the Royal Monetary Authority’s (RMA’s) efforts to facilitate cross-border payments, boost financial inclusion for its inhabitants, and “stretch its commitment to sustainability as the only carbon-negative country in the world.”

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Bhutan, which has a population of approximately 800,000 people, will have a gross domestic output of $2.5 billion in 2020.
However, despite the fact that hundreds of thousands of Bhutanese citizens have no access to a savings account or a credit card, numerous news agencies focus on the country’s “gross national happiness” as an alternative to traditional banking.
Financial inclusion is expected to expand by 85 percent in the country by 2023, according to the Reserve Bank of Australia (RMA), which wants to make payments with a central bank digital currency, also known as CBDC, “easier, faster, and more inexpensive.”

Ripple explained that the CBDC solution is custom designed to manage payments at the volume of transactions necessary for a successful retail CBDC, in addition to providing anonymity.
“Central banks like as the RMA will benefit from this since it gives them with the security, control, and flexibility they require to implement a CBDC without jeopardizing financial stability or monetary policy objectives.”

The announcement comes more than six months after Ripple said that it would be piloting a private version of the XRP Ledger in order to give central banks with a solution to create a central bank digital currency (CBDC).
In fact, Bhutan is one of the first countries to take advantage of this opportunity.

Other CBDC (central bank digital currency) trials are continuing around the world, with Indian officials hinting that they will begin rolling out a digital rupee in December and Nigeria’s central bank announcing plans to establish a digital currency by the end of the decade.
China, on the other hand, appears to be the leader of the pack, having begun trials of its digital yuan in April 2020.

CBDC – Central Bank Digital Currency?

A central bank digital currency (CBDC) is the virtual format of a fiat currency for a particular nation or region

Is CBDC a Cryptocurrency?

A CBDC (central bank digital currency) is a type of virtual currency that is backed and issued by a central bank.
As cryptocurrencies and stablecoins have grown in popularity, the world’s central banks have realized that they must provide an alternative or risk missing out on the future of money.

What is digital currency and how does it work?

Digital currency or digital money is exchanged using mobile devices, credit cards, and online cryptocurrency exchanges.
It can be converted into physical currency in some instances, for example, by withdrawing cash from an ATM.

What are the benefits of central bank digital currency?

A top RBI official said on July 22 that the introduction of a central bank digital currency (CBDC) has the potential to provide significant benefits such as reduced dependency on cash, higher seigniorage due to lower transaction costs, and reduced settlement risk.

Is digital currency safe?

Because of their unregulated nature, cryptocurrencies pose a risk of market volatility and loss to investors: cryptocurrencies are not regulated. However, the security risks and risk of fraud are greatly reduced when using Bitcoin and other cryptocurrencies. Purchases cannot also be traced due to the highly secure nature of transactions.

What is meant by digital currency?

Digital currencies are currencies that are only accessible with computers or mobile phones because they only exist in electronic form. Typical digital currencies do not require intermediaries and are often the cheapest method for trading currencies.

Why do we need CBDC?

Introduction of CBDC has the potential to provide significant benefits, such as reduced dependency on cash, higher seigniorage due to lower transaction costs, reduced settlement risk. Introduction of CBDC would possibly lead to a more robust, efficient, trusted, regulated and legal tender-based payments option.

What Blockchain will CBDC use?

Klaytn is a public blockchain created by Ground X, Kakao’s blockchain unit. The CBDC pilot will use a chain that is similar to the Klaytn public chain, but it will be unique and used only by the teams developing the CBDC.

Will CBDC replace Cryptocurrency?

Digital currency, with unique serial numbers like the dollar, could eventually replace paper and coins. As a result, the value of a CBDC would be equal to the value of a country’s currency – one digital dollar would be redeemable for one paper dollar. This is in contrast to existing cryptocurrencies, whose values are based on speculation and hype.

How is CBDC different?

T Rabi Sankar, deputy governor of the Reserve Bank of India, defined a CBDC as digital legal tender issued by a central bank during a webinar hosted by the Vidhi Centre for Legal Policy. It is the same as fiat currency and can be exchanged for it one for one. Only the form is different.
Tags: BusinessCBDCCBDCscentral bank digital currencycentral bank digital currency cbdcCryptoCrypto BusinessRipple
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