Central Bank of Montenegro partners with Ripple to develop its own CBDC

The Central Bank of Montenegro announced on April 11 that it has signed an agreement with Ripple to develop a strategy and pilot program for Montenegrin digital currency, a central bank digital currency, or stablecoin. The Euro has been a currency since 2002, although it is not part of the Eurozone.

“More details will be announced later this year. The project goes through several stages. This includes considering the actual use of a cryptocurrency or national stablecoin,” RippleX Vice President James Wallis told Cointelegraph.

Wallis said a sandbox was planned to determine the direction of digital currency development, with Ripple planning with the central bank. which will start this project this month

The Governor of the Central Bank of Montenegro, Radoje Žugić, said in a statement that the central bank would work with the government and the academic community to: “Analysis of the pros and cons of a CBDC, or national stablecoin, in terms of the availability of electronic payment methods, security, efficiency, regulatory compliance. and most importantly, protecting the rights and privacy of end users.”

Montenegrin Prime Minister Dritan Abazovic announced the deal between the central bank and Ripple on Twitter at the World Economic Forum Davos in January.

Ripple has been expanding its services into CBDCs in recent months. Now, banks in many countries are starting to develop their own digital currency.

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