The San Francisco-based payments company Ripple says its technology will power a central bank digital currency (CBDC) pilot project in Bhutan.
The nation’s Royal Monastery Authority (RMA) is collaborating with the crypto firm to roll out its very own CBDC as a way of improving the efficiency of cross-nation payments and increasing financial inclusivity, according to a post on Ripple’s website.
Ripple says the project will utilize the XRP Ledger.
Ripple says Bhutan, the world’s first and only carbon negative nation, is particularly interested in working with the blockchain developer because the XRP Ledger is highly energy efficient.
After the announcement, the world’s sixth-largest cryptocurrency by market cap saw its price surge from a two-day low of $0.87 to $1.01, a 16% increase, before stabilizing at $0.96, according to CoinGecko.