Ripple signs agreement with Montenegro for the launch of a national CBDC
The Prime Minister of Montenegro, Dritan Abazovic, announced the signing this week of an agreement with Ripple for the pilot plan of a local CBDC
Montenegro, a European country mostly focused on tourism, has signed an agreement with Ripple for the creation of a national CBDC. The news of the agreement, this April 11, was corroborated by the Central Bank of Montenegro (CBCG).
Montenegro’s Prime Minister Dritan Abazovic is a digital currency enthusiast. This was demonstrated at the beginning of this year, when he announced these plans through his Twitter account.
Although it is not a member country of the eurozone, Montenegro has been using the euro as its official currency since last year. The launch of a national CBDC is part of the search for options for monetary policies, entering the era of digital finance, in addition to finding effective mechanisms for the border payment system.
Ripple, the CBCG and the Montenegrin academy will work on the development of the CBDC, with a focus on the effectiveness of blockchain technology.
James Walls, Ripple’s vice president of central bank and CBDC engagements, has indicated that this strategic partnership is the necessary impetus for the digitization of global payments.
(Reference image source: Olga Brajnovic, Unsplash)
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