The Central Bank of Montenegro (CBCG) partners with fintech company Ripple to develop a strategy and pilot program to launch a Central Bank Digital Currency (CBDC) for the country.
According to the announcement, “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 CBCG Governor Radoje Žugić stated: “Through the project, the CBCG will work with the Government of Montenegro and Montenegro’s academia to create a practical digital currency or secure currency solution to test the main blockchain technology’s functionality and potential.”
“It will also analyze the advantages and risks that CBDCs or national stablecoins could pose concerning electronic means of payment availability, security, efficiency, compliance with regulations, and most importantly, the protection of end users’ rights and privacy,” Žugić added.
RippleX’s vice president for central bank engagements and CBDCs, James Wallis, stated that more details about the collaboration with CBCG will be unveiled in the near future.
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