Montenegro Develops State Digital Currency with Ripple

The Central Bank of Montenegro plans to issue a state digital currency in cooperation with Ripple Labs. A pilot project to build infrastructure for the new payment instrument in the country has already been launched.

Montenegro Develops State Digital Currency with Ripple

Montenegrin Prime Minister Dritan Abazović tweeted about the government’s plans to create a state digital currency as part of the development of the country’s payment infrastructure. 

Abazović met with Ripple Labs CEO Brad Garlinghouse and VP of Central Bank Engagements James Wallis in the course of the government’s plans. The cooperation with Ripple will allow the Central Bank of Montenegro to issue a “digital currency or stablecoin,” which, according to the Prime Minister, will provide greater financial accessibility and inclusiveness.

Whether the planned digital currency will be a CBDC or a stablecoin backed by the euro isn’t yet known. It’s worth noting that Montenegro doesn’t have its own national currency and has been using the euro since 2002, even though it’s not an EU member.

Ripple Labs is actively involved in developing state digital currencies of various countries, including the U.S. digital dollar. The company achieved great success in cross-border payment providing efficient and fast transfers between Brazil and Mexico, as well as participating in the international alliance of banks in Canada, Australia, and Israel.

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