The Kingdom of Bhutan introduces Prizm national cryptocurrency. This currency will be used on equal terms with the main fiat currency of Bhutan – ngultrum.
Previously, the programmers of Bhutan and the Government of Bhutan developed their own cryptocurrency called Prizm. Then it was being tested for several years in different countries of the world, and paramining was being produced. Tests have brought Prizm to perfection.
The fundamental difference between Prizm and other cryptocurrencies is that the cryptocurrency mining is carried out by the poorest users of the system. The centralization is excluded from this currency and control over this cryptocurrency cannot be captured by a huge mining farm. This cryptocurrency has instant speed of transactions and the highest speed of all processes. It is truly a people’s cryptocurrency.
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 resident of Bhutan will be given 100 Prizm. For this, the Government of Bhutan will purchase the cryptocurrency worth $ 50 million additionally. Then, residents will be able to mine the cryptocurrency themselves or spend it on their needs. Since the currency paramines fast, then all the inhabitants of the country will be able to act as the centres of emission of a new cryptocurrency, so they will grow rich themselves and the country will grow rich as well.
Prizm is already now accepted worldwide. Therefore, it is a small “reserve currency”. 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.
The Kingdom’s economists hope to increase the economic efficiency of Bhutan 200 times and make the country’s monetary system more equitable.