Montenegro: Central bank works with Ripple on CBDC pilot project

Dritan Abazovic, the prime minister of Montenegro, declared on Twitter that his nation would work with Ripple to use digital currencies. Brad Garlinghouse, the CEO of Ripple, and James Wallis, the vice president, met with Abazovic in Davos.

Ripple's Vice President of Central Bank Affairs and CBDCs is Wallis. According to his announcement, Abazovic appears to be considering a digital currency similar to a central bank. On Twitter, he clarified:

We started a pilot project to create Montenegro's first digital currency or stablecoin in collaboration with Ripple and the central bank. ".

Since Montenegro does not currently have its own national currency, it is unclear exactly how this future digital currency should be structured. Since the introduction of the euro in 2002, the nation of the Balkans has adopted the currency. However, Montenegro is not a part of the European Union or the Eurozone. In 2008, Montenegro submitted an application to join the EU.

The crypto industry has been a concern for the Montenegrin government for some time. The nation is known for taking cryptocurrency. There was also a panel discussion there in April titled Future Now! Vitalik Buterin, a co-founder of Ethereum, was present when it occurred. According to reports, Buterin was given Montenegrin citizenship at the time.

When this announcement was made on January 18th, regional news outlets covered the Ripple project extensively. But it took a few days for this news to spread across the globe.

There should be more CBDC projects, according to a Ripple advisor's 2017 promise. Particularly mentioned were Bhutan and Palau. The business also became a founding member of the Digital Dollar Project, and in February 2022, it joined the Digital Euro Association.

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