Ripple, the famous company behind the popular altcoin project XRP, has partnered with the Central Bank of Montenegro. Ripple will help the country issue a central bank digital currency. They will develop a strategic pilot program. Here are the details…
Montenegro partners with popular altcoin Ripple
More than 100 countries are exploring the development of CBDC, a digitized form of central bank money for use by the public, and some are in the implementation phase. Now, 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 a Montenegrin digital/cryptocurrency in the form of a central bank digital currency (CBDC) or stablecoin. Although the country is not part of the Eurozone, it has been using the euro as its currency since its launch in 2002.
“More details will be announced later in the year,” said James Wallis, RippleX vice president of central bank collaborations and CBDCs in an interview. “The project will go through several phases, including identifying the practical application of a digital currency or national stablecoin.”
Wallis stated that a sandbox phase is planned to put the future cryptocurrency into circulation “under controlled conditions.” “We will work closely with the Central Bank to identify use cases, key success factors and timelines,” he said. He added that the project will start this month.
Ripple is in dialogue with many banks
As Montenegro is part of the Eurozone, the introduction of a digital euro by the European Central Bank (ECB) is of great importance. The ECB is scheduled to make a decision on this later this year. Radoje Žugić, President of the Central Bank of Montenegro, said in a statement that the central bank “analyzes the advantages and risks that CBDCs or national stablecoins can pose in terms of the availability of electronic payment instruments, security, efficiency, regulatory compliance, and most importantly, protection of the rights and privacy of end users”. and said he would work with the academic community. He added:
As a central bank determined to follow modern national banking trends, the Central Bank of Montenegro actively ensures the maintenance of an efficient financial system.
cryptocoin.com As we have also reported, Montenegrin Prime Minister Dritan Abazovic first announced the agreement between Ripple and the Central Bank of Montenegro in a tweet he sent at the Davos World Economic Forum in January. Ripple has been launching its expansion in the CBDC space for months. Wallis said the company “has a large number of CBDC projects underway around the world and is in dialogue with dozens of central banks globally.” As it is known, Ripple is in a legal battle with the Securities and Exchange Commission (SEC) in the USA. Time will tell how the court, which is expected to end soon, will affect the crypto market.
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