In order to prepare the way for the future of digital payments in Bhutan, the central bank has started a pilot program for CBDC in a controlled and experimental setting. This program focuses on both technological and policy-level exploration. Since cash is the only central bank currency that the general public can access, RMA thinks that retail CBDCs would give the public a digital option as cash usage and acceptance decline. Additionally, it would aid in achieving the objective of expanding financial inclusion. Future currency, the CBDC, is undergoing a pilot program that includes field testing, sandbox experimentation, technological setup, and thorough security testing.
Through scope, use cases, evaluation criteria, stakeholder engagement, and infrastructure development, the pilot program seeks to shed light on user assumptions regarding the CBDC design features. To determine how Bhutan’s CBDC will affect monetary policy and legal frameworks, the RMA intends to conduct user acceptance testing, final evaluation, soft launch, and full national rollout. Using Ripple’s sustainable blockchain technology, the pilot phase will test retail, cross-border, and wholesale payment use cases for a digital ngultrum, building on Bhutan’s existing payments infrastructure. Numerous nations are investigating the cryptocurrency CBDC; a rollout date has not yet been established. The government will regulate it.
