Bhutan has launched its own cryptocurrency called “Prizm”, which can be used for daily life expenses just like local fiat money. New.U.Today reported that Bhutan citizens will be given 100 Prizm coins, adding that the government injected US$50 million to back this project.
The government of Bhutan expects the initiative to help increase the income of the country and increase economic efficiency by 200 folds. Investors can also mine the Prizm coins. Holders of the coin can buy products and services from all shops in Bhutan. They can download e-wallets on their smartphones to use and manage the coins.
The Bhutan government said Prizm will be decentralized, even though the government will be issuing the coins. It is expected that more Bhutanese people will use the coins for their daily life expenses as the transfer fees are low.
Civil servants will be encouraged to receive Prizm as salaries and contributions to their social welfare, and the government hopes that everyone will have a chance to use this currency.