Focus Area:
Do a CBDC pilot for retail, cross-border and wholesale payment use-cases.
Overview:
The Royal Monetary Authority of Bhutan (RMA) laid down a multi-year plan to carry out the CBDC Pilot implementation. The first three phase carried out needs assessment, CBDC design and scoping, technical design and proof of concept. And the pilot implementation is planned to happen in 2024–2026 with the banks, payment service providers and other relevant stakeholders. The implementation of the pilot will guide the launch of the CBDC.
Motivations:
- Attain financial inclusiveness
- Promote efficient and accessible payment systems.
- Improve Cross Border Payments
Financial institutions involved:
Royal Monetary Authority
Technology and Design partners:
Ripple
Technical Solution:
Ripple’s XRP Ledger is being used to carry out the CBDC pilot.
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