Montenegro’s Central Bank Partners With Ripple for CBDC Pilot Program

Montenegrin Government to Develop National Digital Currency in Partnership With Ripple Amid Growing Interest in CBDCs

Montenegro’s Central Bank has announced a partnership with Ripple to develop a strategy and pilot program for a central bank digital currency (CBDC) or stablecoin.

- Advertisement -

The Montenegrin government has used the euro as its currency since its introduction in 2002, despite not being part of the Eurozone.

James Wallis, RippleX’s vice president for central bank engagements and CBDCs, said the project would go through several stages, including identifying the practical application of a digital currency or stablecoin, with a sandbox stage to put the currency into circulation under controlled conditions.

The project is set to begin this month.

Central Bank of Montenegro Governor Radoje Žugić said the bank would work with the government and academic community to analyze the advantages and risks of CBDCs and national stablecoins.

Ripple has been expanding its CBDC projects around the world and is in dialogue with dozens of central banks.

READ NEXT

Previous Articles:

- Advertisement -

Latest

Bitcoin Climbs Above $105K; Signs Suggest Rally Nearing Top

Bitcoin holds above $105,000 in early week trading across Asia, though signals of “overheating” appear.CryptoQuant reports rising bitcoin demand and whale balances, with key...

GameStop Buys $512M in Bitcoin, Joins Corporate Crypto Trend

GameStop purchased 4,710 Bitcoin, valued at $512 million, as a corporate treasury asset. The company’s CEO called Bitcoin a hedge against inflation and systemic risk,...

Cryptocurrency Set to Dominate Asset Reserves by 2025

Digital assets are entering a new period of growth, with signs cryptocurrency will be prioritized for asset reserves by 2025. Fans Hash introduced mining tools...

TON Blockchain Hit by Outage, Block Production Halts Temporarily

The Open Network (TON) blockchain experienced a temporary outage on June 1, stopping block production for about 40 minutes.The issue was fixed quickly by...

Pi, IMX, ZBCN in Focus as Key Token Unlocks Threaten More Losses

The crypto market experienced a sharp drop as Bitcoin fell from $111,900 to below $104,000, resulting in widespread altcoin declines.Investors are closely watching key...

Must Read

Top 8 Books Every Beginner Should Read About Cryptocurrency

Cryptocurrency and blockchain technology are filled with technical terms that beginners find challenging to understand. One of the best ways to learn about cryptocurrency...