As per reports, on April 11, 2023, the Central Bank of Montenegro said that it has signed a deal with Ripple, for improving the plan and pilot program for a Montenegrin digital currency in the form of a central bank digital currency or a stablecoin, added Cointelegraph.
“The project will go through several stages, including identifying the practical application of a digital currency or national stablecoin. More details will be revealed later in the year,” James Wallis, vice president for central bank engagements and CBDCs, RippleX, said in an interview with Cointelgraph.
It is expected that the central bank will be working with the academic community and the government to “analyse the advantages and risks that CBDCs or national stablecoins could pose with respect to the availability of electronic means of payment, security, efficiency, compliance with regulations, and most importantly the protection of end users’ rights and privacy,” Radoje Žugić, Governor, Central Bank of Montenegro, added further.
Furthermore, it is believed that Dritan Abazovic, Prime Minister, Montenegrin, was the first to tweet about this deal between Ripple and the Montenegrin Central Bank, Cointelegraph concluded.
(With insights from Cointelegraph)