The Kingdom of Bhutan officially launched its national cryptocurrency, Prizm. After being in the test phase for the last few years, the currency has finally been rolled out to the public and is aligned on equal terms with the fiat currency, Bhutanese ngultrum.
As per the report, the cryptocurrency underwent an elaborate stage of development and was rigorously tested in several countries for effectiveness. What makes it stand out from other cryptocurrencies is that the poorest people from the network will carry out the mining work. This essentially withholds any power from the large mining farms, thus investing more power in the hands of poor and demonstrating how it truly is people’s cryptocurrency.
The press release stated that the Prizm e-wallet will be issued to every resident of the country. This will enable people to mine Prizm and make transactions. People will be able to use the currency through their smartphones, phones, and computers. All retail stores will be required to accept the new currency.
Each resident will also be given 100 Prizm to begin with, for which the Government will purchase crypto worth USD 50 million additionally. The report also stated:
“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.”
While a government-backed national cryptocurrency could be quite beneficial since it would be highly secure, prevent counterfeiting, enhance international trade, and would be much cheaper to operate than a physical cash system, there have been no truly successful national cryptocurrencies yet. But Bhutan is leaving no stone unturned to truly elevate the cryptocurrency to the status of ngultrum. The country’s economists believe that Prizm will boost the economy and make the fiscal structure fair and impartial.
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