The Central Bank of Montenegro (CBCG) and Ripple (XRP) have formally signed an agreement for a pilot digital central bank currency (CBDC) program.
In a statement made by Ripple on Tuesday, April 11, Central Bank of Montenegro to launch a pilot program and strategize for the country’s first national stablecoin, or CBDC. a formal agreement declared signed.
As part of the pilot, practical application areas of CBDC technology and stablecoins will be explored, while developments for a more national stablecoin project will be provided.
Pilot project according to the statement will be launched in April and the whole process government And academic with the community will be carried out together. More details about the project are expected to be formed and announced in 2023. Chairman of the Central Bank of Montenegro Radoje Zugic In his statement on the subject, he made the following statements about the aims of the pilot implementation:
This pilot will analyze the advantages and risks that CBDCs or national stablecoins can pose in terms of usability, security, efficiency, regulatory compliance, and most importantly, protecting the rights and privacy of end users.
On the other hand, although Montenegro is not part of the European Union, euro and does not have a national currency of the country. Therefore, the exact nature of Montenegro’s future digital currency remains unclear.
Montenegro, which has come to the fore with pro-crypto developments many times before, has been the founder of Ethereum (ETH) in the past months. Vitalic ButerineHe organized a panel in which he also attended. At that time Buterin Montenegrin citizenship was given.
The Central Bank of Montenegro and Ripple recently agreed to conduct research on CBDC. partnership had established. The official agreement in question is that these studies a consequence will be.