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.
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.
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