Montenegro’s Central Bank (CBCG) has announced plans to develop a pilot program for a central bank digital currency (CBDC) in partnership with blockchain provider Ripple.
Despite using the euro as its de facto currency, the CBCG aims to identify practical applications of a national stablecoin and simulate its circulation through the pilot program.
The project aims to assess the potential advantages and risks of CBDCs, including electronic payment availability, security, efficiency, regulatory compliance, and the protection of user rights and privacy.
According to CBCG Governor Radoje Zugic, this pilot program will help the bank understand how a CBDC could benefit Montenegro’s economy and its citizens.
Montenegro is not a member of the European Union, but it has adopted the euro without joining the eurozone. Meanwhile, the European Central Bank and EU are set to decide on introducing a digital euro later this year.
The CBCG’s partnership with Ripple on CBDC development is part of a growing trend, with over 100 countries exploring CBDC development globally.
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