Ripple to help Montenegro develop a CBDC

The Central Bank of Montenegro has signed a partnership with Ripple to launch a pilot project for a national digital currency (CBDC), said Prime Minister Dritan Abazović.

As per the PM of Montenegro, the nation launched a pilot project to build the first digital currency or stablecoin for Montenegro, in cooperation with@Ripple and the Central Bank. https://t.co/osWT3wocPk

— Leonidas (@LeoHadjiloizou) January 29, 2023

The statements followed a meeting between Abazović and Ripple CEO Brad Garlinghouse and the company’s vice president James Wallace. The latter oversees engagement with various central banks regarding the issuance of a CBDC.

Details of the cooperation are not provided.

Montenegro has used the euro as its currency since 2002. The country is not part of the euro area or the EU. Authorities submitted an application to join the European Union in 2008.

In April 2022, Montenegro held the Future Now conference with the participation of Ethereum co-founder Vitalik Buterin.

Earlier, Palau President Surangel Whipps Jr. said about cooperation with Ripple Labs as part of a project to create a “national stablecoin”.