Montenegro Explores Digital Currency with Ripple Collaboration
Montenegro’s Central Bank has forged a partnership with Ripple to examine the potential for a Montenegrin digital currency, which may take the form of a central bank digital currency (CBDC) or stablecoin. Although not a member of the Eurozone, Montenegro adopted the euro as its official currency in 2002.
On this page
James Wallis, RippleX's VP for central bank engagements and CBDCs, shared with Cointelegraph that more information about the project will be released later in the year. The initiative will undergo multiple phases, including the identification of practical implementations for a national digital currency or stablecoin.
Wallis also mentioned a sandbox phase, which will see the digital currency tested under controlled conditions. The project, set to begin this month, will involve working closely with the Central Bank to pinpoint use cases, essential success factors, and project timelines.
Radoje Žugić, Central Bank of Montenegro Governor, highlighted the bank's dedication to following contemporary national banking trends and ensuring a robust financial system. He added that the bank would cooperate with the government and academic institutions to study the potential benefits and risks of CBDCs or national stablecoins in relation to electronic payment methods, security, efficiency, regulatory adherence, and protection of end-user rights and privacy.
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
