Bhutan is a tiny yet developed Buddhist kingdom on the Himalayas’ eastern edge, known for its dramatic landscapes, steep mountains and valleys. Being the only country that supports a policy of Gross National Happiness, Bhutan is also known as the kingdom of happiness and they have recently launched their national digital currency, Prizm.
In 2016, Bhutan ranked the first country in the South Asia in peace, economic freedom and ease of doing business. The cryptocurrency that has been under development and various tests in different countries worldwide can now be used by all the residents in the nation.
Initially, each resident in the Kingdom of Bhutan will be given 100 Prizm, and the government will additionally invest $50 million to secure the cryptocurrency structure. Prizm, despite being a digital currency will have an equal right as Bhutan fiat currency, ngultrum.
Prizm is invented to enhance the economic efficiency within residents in Bhutan, promising it to enable even the poorest citizen to use it. Moving forward, all retailers and stores in the kingdom will allow users to make transactions via the national digital currency.
Notably, many countries are either in the planning or developing their national cryptocurrencies such as China, Russia and Japan. The Kingdom of Bhutan has now surpassed them by launching Prizm making them on par with Dubai and Venezuela who had already invented their national cryptocurrencies.
What's Your Reaction?
Nurul is an English Language graduate who is highly passionate on writing, she literally breathes on it. An avid reader and a critical thinker, she covers on blockchain news during day and weeps at sad novels at night.