The Royal Monetary Authority of Bhutan is partnering with Ripple to pilot a central bank digital currency in the mountainous kingdom. In a Wednesday announcement, Ripple Labs said Bhutan’s central bank would be taking advantage of the company’s private ledger to issue and manage a digital ngultrum. According to Ripple, the move was motivated by the Royal Monetary Authority’s, or RMA’s, effort to improve cross-border payments, expand financial inclusion for its residents, and “extend its commitment to sustainability as the only carbon-negative country in the world.” With a population of roughly 800,000, Bhutan’s gross domestic product amounted to $2.5 billion in 2020. Although many news outlets report on the country’s "gross national happiness” as an alternative to traditional finance, thousands of Bhutanese citizens do not have access to a savings account or credit card. The RMA said that it plans to increase financial inclusion in the country by 85% by 2023 by making payments with a central bank digital currency, or CBDC, “easier, faster and more affordable.”