Montenegro Announces Partnership With Ripple For CBDC

Montenegro, a Balkan nation, is throwing its name into the arena of Central Bank Digital Currency (CBDC) and has tasked Ripple – a crypto firm focused on remittances – to help create their digital currency. During his attendance at the 2023 World Economic Forum in Davos, Montenegro Prime Minister Dritan Abazovic met with Brad Garlinghouse (Ripple CEO) and James Wallis (Vice President for CBDCs & Central Bank Engagements), where they discussed building an infrastructure that would offer increased financial access and inclusion.

Details of Montenegro’s Ripple Partnership Have Not Been Certain Yet

Currently, the details of Montenegro‘s new CBDC are still being determined as it does not have its own national currency. Since 2002, when the Euro was first launched, this country has been using the shared continental money yet is not a part of or even an associate member of the European Union. In 2008 Montenegro submitted their request to join the EU; however, they haven’t received official acceptance until now.

The nation has recently become a crypto hub due to its travel-friendly size. With the increased acceptance of this novel asset class in numerous significant sectors, it is no surprise that the country’s role within the cryptosphere has grown exponentially over the last twelve months.

Montenegro is a famously progressive nation in the Balkans when it comes to cryptocurrency, and individuals hoping to purchase property with digital money have few hindrances. 

Since its inception of the XRP Ledger – a private version that offers central banks the capacity to safely launch CBDCx- in March 2021, Ripple has been aggressively working on advancing Central Bank Digital Currencies. The cooperation between Montenegro and Ripple could potentially push for wider adoption of cryptocurrencies globally.

Montenegro Is A Country That Has Close Relations With The Crypto Industry

Montenegro Is A Country That Has Close Relations With The Crypto Industry

In April 2022, Montenegro held a panel called Future Now! where esteemed guests such as Ethereum co-founder Vitalik Buterin, researcher Vlad Zamfir from Ethereum, the University of Memphis Professor Boris Mamlyk, and Minister Spajic discussed the legality of blockchain identity along with smart contracts in government. Notably, during the event, Montenegro awarded citizenship to Buterin in an attempt to draw crypto investors into their country.

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Pieter Aven

Pieter Aven is a business and financial journalist based in Boston covering stories at the intersection of business, technology and finance. He holds a degree in Germanic languages from the University of Brussels and a degree in journalism from Boston University.

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