0
📰 News
9700 views

People's Cryptocurrency: Bhutan Launches National Digital Currency

  •  Denis Sinyavskiy
    📰 News

    The Kingdom of Bhutan is becoming one of the first countries to launch its own national cryptocurrency — Prizm is ready.

People's Cryptocurrency: Bhutan Launches National Digital Currency
Cover image via www.123rf.com

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.

Join our Telegram channel to get news even faster!

About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

👓 Recommended articles
0
📰 News
188 views

Nationwide Blockchain of China Finally Preparing for Launch

  •  Denis Sinyavskiy
    📰 News

    China launching nationwide blockchain service in beta mode until March 2020. It must push forward digital economy and smart cities

Nationwide Blockchain of China Finally Preparing for Launch
Cover image via www.123rf.com

China continues to take steps toward the digital economy and smart cities by officially releasing a nationwide blockchain service network, XINHUANET says.

Blockchain service network expectations

UnionPay, State Information Center (SIC), China Mobile and three other organizations worked on a system that will help China lead the blockchain technology market. Blockchain beta testing has already been announced and will last until March 2020, and all content and services will be available for free till that date.

BSN is expected to accelerate the development of digital technology and smart cities, as well as foster the development of new technology and industries.

What about CBDC?

Earlier, U.Today reported, that China has come close to creating its own cryptocurrency and may even launch it this fall, but then there was information that the national digital currency will appear later.

But China will not become the first country to introduce a national cryptocurrency. The Kingdom of Bhutan has already done it this month, as we already reported.

So, what do you think? Does the launch of China's national blockchain mean that the country will become a leader? Write what you think about this in the comments section!

In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join U.Today's channel.

About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

👓 Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings