Montenegro, a small Baltic country, wants to enter the CBDC market. The Prime Minister of the country announced a partnership with Ripple, the international cryptocurrency payment network. A news that surprised several actors since Montenegro does not have its own currency.
Ripple and Montenegro take on digital currencies
Prime Minister of Montenegro Dritan Abazović announced on his Twitter account the development of a digital currency in collaboration with Ripple. During the introductory meeting, he met with Ripple CEO Brad Garlinghouse and Vice President for Central Banks and CBDCs James Wallis in Davos. About this encounter, Abazović said: Productive meeting with the CEO of Ripple Garlinghouse and its Vice President of Cooperation with Central Banks James Wallis. We discussed the development of a payment infrastructure that would provide greater accessibility and financial inclusion. Montenegro remains open to new value and investment. »
However, the project is not clearly stated, as it did not specify what exactly this infrastructure would consist of. We even learned from zycrypto only XRP would be involved. We know all the same that it is a stablecoin since he declared: “In cooperation with Ripple and the Central Bank, we have launched a pilot project to create the first digital currency or stablecoin for Montenegro. »
Since 2002, Montenegro has used the euro. We are therefore curious to know how his future stablecoin will work.
What future for Ripple after this partnership?
For this beginning of the year, Ripple is on a good slope. The company has been in court since 2020 against the American stock market policeman. But at the start of the year, its CEO said he was optimistic that a verdict was going to be pronounced. Also, remember that Ripple already has several CBDC projects with central banks in Buthan and the Republic of Palau. Thus, there is a good chance that Ripple will end the year in the top 5 of the best cryptos.
CBDCs and stablecoins are increasingly seen as alternatives to other cryptocurrencies. Since it is now unlikely to ban them completely. In this eventuality, Ripple could reveal its full potential.
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