Montenegro Central Bank partners with Ripple to help develop its CBDC

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Ripple XRP cryptocurrency

The central bank of Montenegro wants to develop its own CBDC (Central Bank Digital Currency) by partnering with Ripple Labs, the creator of XRP.

In a Twitter announcement made by the Prime Minister of Montenegro Dritan Abazović, mentioned his meeting with the CEO of Ripple Labs Brad Garlinghouse and James Wallis, VP of Ripple’s CBDC division to discuss the possible partnership in helping the country develop its own digital currency.

The meeting took place in Davos during the World Economic Forum where both parties discussed the plans for developing the payment infrastructure for the country that brings financial inclusion. The Prime Minister also mentioned the role of the Central Bank in conjunction with the deal.

Montenegro is a Balkan nation bordered by Serbia and Kosovo that utilizes euro since 2002. It is also to be noted that the country is not a member of the European Union despite using euro as its base currency.

The country is a crypto-friendly nation with no strict regulations. Moreover, crypto can be used as a mode of payment and the buyer can buy real estate using cryptocurrencies.

The country has invited the founder of Ethereum Vitalik Buterin as one of the panellists last year in April 2022 in the discussion titled Future Now. He was later awarded citizenship as part of the efforts to attract crypto investors to the nation.

This news has further strengthened the dominance of Ripple in the technology space. Ripple has also partnered with the Royal Monetary Authority of Bhutan to pilot-test digital currency for cross-border payments. It has also worked with the Republic of Palau to help develop the digital currency.

Montenegro will join Nigeria, United States, India, China and many other nations that are set to bring digital currency mainstream after the successful pilot run. The news may boost Ripple’s native XRP token but it has no direct link with developments around CBDC.

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