Hey. Brady here. It’s Friday, so we’ll keep it light.
Given Bhutan’s emphasis on visionary environmental conservation, we were surprised to hear that the country was developing a central bank digital currency, since blockchain-based transactions have been characterized as energy-sucking, rainforest-burning things.
But Bhutan’s Royal Monetary Authority is moving forward with that, and will roll out a digital ngultrum in phases to reach 85% national financial inclusion by 2023. That’s an incredibly fast pace, even for a country with just 780,000 people.
Ripple is building the CBDC. Stephanie spoke with their vice president of central bank engagements and CBDCs. Read about it here.