Ripple Labs Inc. The collaboration between the Central Bank of Bhutan and the Central Bank of Bhutan to create “Digital Ngultrum” will enter the pilot phase in 2024.
This is the plan for the next phase, he highlighted this issue by detailing it in a Policy Brief detailing the key agenda to transform Bhutan’s economy into a vibrant and self-sustaining economy.
With Central Bank Digital Currency (CBDC) or Digital Ngultrum being a key part of its plans, Apex Bank is optimistic that the alternative currency can really make a difference for average Bhutanese.
Bhutan’s CBDC project started as early as 2021, with Ripple Labs playing a front-line role. While many stages have been recorded since the commissioning of the project, three different stages have been officially completed since 2021.
First, it conducted a needs assessment to highlight how CBDC would benefit individuals. After completing this needs assessment phase, the project went on to realize the CBDC design and scope, followed by “technical design and proof of concept.”
The project, in which Ripple plays a leading role at every step, is planned for Pilot implementation starting next year. According to the event calendar included in the policy document, this next phase will continue until 2026.
By developing technology to facilitate both retail and wholesale CBDCs, solutions from Ripple Labs will enable the migration of these systems and continue to support the push towards financial inclusion. According to the International Monetary Fund (IMF), at least 100 countries are actively exploring or developing CBDC in one form or another.