Bhutan, rated as carbon-negative and happiest nation in the world, is the first country in the region to launch its cryptocurrency, named Prizm. It is believed to be pegged to country’s fiat currency ngultrum and would be treated with same status.
Purportedly, Prizm is a cryptocurrency in the truest of sense since it reaches even the poorest members of the society. The developers have made sure it serves its purpose of enriching the lives of the country’s poor by financially empowering them.
Prizm is truly decentralized in nature
Prizm is based on a fully decentralized blockchain tech that allows anyone form large mining farms to poorest users to explore. The government of Bhutan will credit 100 Prizm into the account of every resident’s device. To achieve this, it will invest fifty million dollars ($50M)that will also help build its architecture. The country’s inhabitants will be able to use them at all the stores, offices, and public places. It will put them on the path towards financial independence.
Prizm e-wallet for every resident
The country will issue an e-wallet to every resident to safely store, withdraw and deposit Prizm. Residents can also access Prizm using their smartphones, desktops, tablets, or laptops.
Prizm vast usage
Full decentralization, low transaction’s cost will make it a convenient and fast currency for the inhabitants of the Kingdom. 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.
Ngultrum exchange offices will be opened throughout the country. But all the retail outlets of the country will be required to accept the new currency, along with the old one. Also, on the basis of the new cryptocurrency, an international online store will be created which will sell Chinese and Indian goods in this currency.