The Royal Monetary Authority of Bhutan will launch their CBDC in collaboration with Ripple

The Royal Monetary Authority of Bhutan is collaborating with Ripple to test the feasibility of a central bank digital currency in the country. The RMA's efforts to improve cross-border payments and expand financial inclusion were the driving force for the decision. Bhutan's gross domestic product (GDP) was $2.5 billion in 2020, according to the World Bank. Bhutan's financial inclusion is expected to reach 85 percent by 2023, according to the RMA. The CBDC Private Ledger is carbon neutral and 120,000 times more efficient than proof-of-work blockchains, which are currently in use.

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To boost trade, Africa is simplifying international payment systems

It's hard to transfer money between African countries. The Ghanaian king settled a bill with a Nigerian attorney. His experience highlights a systemic problem impeding Africa's economic growth: high transaction costs and inconvenience. 15% of all imports and exports occur between 55 African countries. 60% of Asian trade is within Asia. 70% in EU. The difficulty of international payments hinders African trade. There are also high tariffs, long border procedures, and congested roads. Proponents of AfCFTA say easing trade restrictions will boost trade, FDI, and economic growth. 50 million people will be lifted out of extreme poverty by 2035 due to the accord's positive impact on real income, which is projected to rise 9.1%. Another issue: In Africa, currency values fluctuate. From July 2021 to 2022, Ghana's currency fell from 6 to 8. Volatile currencies make financial transactions more costly and risky. To overcome these problems, PAPSS facilitates financial transactions ...

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