Regulatory ActionPilotThe Central Bank Of Montenegro To Pilot CBDC With Ripple
Milestone Date: April 11, 2023
The Central Bank of Montenegro announced its plans to initiate a pilot program with Ripple, an enterprise crypto and blockchain solutions provider, to develop a Central Bank Digital Currency (CBDC) or national stablecoin. Ripple will work with Montenegro to develop a strategy, identify applications of a CBDC, and simulate the currency’s circulation.
The pilot program will include an analysis of the advantages and risks that CBDCs could present in regard to payment availability, security, efficiency, compliance with regulations, and the protection of end users’ rights and privacy.
“The Central Bank of Montenegro is bringing the next level of digital transformation to its financial infrastructure and addressing some of the world’s biggest financial challenges, including financial inclusion,” said James Wallis, Ripple’s Vice President of Central Bank Engagements & CBDCs. “Ripple has a proven track record of successfully connecting disparate payment systems and championing blockchain’s utility to issue Central Bank Digital Currencies and solve for global payments to hundreds of financial institutions around the world. We are pleased that the CBCG has chosen Ripple to help launch its first digital currency and further address the country’s core financial objectives.”
Montenegro is not part of the European Union; however, it has adopted the euro. It is one of over one hundred countries exploring a CBDC.
By Elizabeth Morrison
Published:April 11, 2023