According to a press release, The Kingdom of Bhutan launches its national cryptocurrency called Prizm. It will have the same rights and can be used on equal terms with the main Kingdom’s fiat currency - ngultrum.
Prizm is finally ready to shine!
It has been said, that the cryptocurrency was under development last few years and undergo tests in different countries worldwide, and paramining was being produced. Now the Prizm is ready to shine and be used by all country residents.
Developers from Bhutan approached crypto mining in an original way. Large farms will not be able to seize power over the extraction of digital currency, because the role of the miners goes to the poorest members of the network. Here are the words from a press release about it:
“Prizm e-wallet will be issued to every resident of Bhutan. This is a small electronic device that allows you to mine cryptocurrency and pay for purchases with it. Residents will also be able to use cryptocurrency with their smartphones, phones and computers. All cash registers and stores in the Kingdom will be equipped with Prizm cryptocurrency devices.”
Each citizen of Bhutan will receive 100 Prizm, and the government will additionally invest $ 50 million in cryptocurrency. Thus, the inhabitants of the country will be able to get and use the currency in the near future. It is important to understand that according to the government’s plan, the possibility of issuing new coins will make it possible for both the country and its citizens to get rich.
True decentralization for people
According to the press release, despite nationalization, Prizm is characterized by complete decentralization and low transaction costs, which will make it convenient for the widespread use and competitive for ngultrum:
“Social care and salaries of civil servants will also be paid in Prizm at wish. Moreover, the payments in Prizm will be increased compared to the normal payment’s amounts.”
It is promised that Ngultrum exchange offices will be open throughout Bhutan, and all retail outlets are required to start accepting a new currency.