Ripple CBDC Montenegro

Central Bank of Montenegro partners with Ripple to develop its first digital currency

CBDCNews
··1 min read

The Central Bank of Montenegro (CBCG) has announced it is partnering with crypto company Ripple to develop a strategy and pilot program for launching the country’s first digital currency in the form of a central bank digital currency (CBDC) or national stablecoin.

CBCG Governor Radoje Žugić said that it is committed to maintaining an efficient financial system and is looking forward to collaborating with Ripple on the pilot project.

The project will go through several stages, including identifying the practical application of a digital currency or national stablecoin and the design to simulate its circulation and use under controlled conditions.

The introduction of a CBDC is part of the CBCG’s core objectives to digitize financial services and promote greater financial accessibility for Montenegro’s citizens.

Ripple’s technology (a private version of the XRP Ledger) is also being used to build CBDCs for Bhutan and the Republic of Palau.

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