The country’s Prime Minister allegedly met with Ripple CEO Brad Garlinghouse.
Ripple’s advisers have been touting multiple pilots in process for the CBDC.
Montenegro’s Prime Minister Dritran Abazonic has stated that the country’s central bank would be working with Ripple to create a central bank digital currency (CBDC). While in Davos, Switzerland for the World Economic Forum, the country’s Prime Minister allegedly met with Ripple CEO Brad Garlinghouse and Vice President James Wallis.
Since 2002, the country has not used its own currency but rather the Euro. As a result, this is an exciting step forward for the stablecoin or digital currency of the nation. So yet, the Prime Minister’s sole Twitter activity related to the CBDC pilot project launch has been a confirmation of the partnership.
Absence of National Currency
Montenegro, a country in the Balkans, has applied to join the European Union but is still waiting for acceptance. On the contrary, it has been using the Euro since that common currency was introduced three decades ago. As a result, the absence of a national currency in Montenegro is the biggest uncertainty for the Central Bank and Ripple’s CBDC growth.
But the government of Montenegro has long aimed to establish a foothold in the cryptocurrency sector. Ethereum co-creator Vitalik Buterin was given citizenship in April after attending a panel in Montenegro.
The news that the Central Bank of Montenegro and Ripple were working on a CBDC was first revealed on January 18 but has just recently made its way across the world. Ripple’s advisers have been touting multiple pilots in process for the central bank digital currency (CBDC).
In addition to being a member of the Digital Euro Association since February of last year, the firm was also a founding member of the Digital Dollar Project.