Fintech company Ripple has teamed up with the Central Bank of Montenegro to launch a national digital currency (CBDC) pilot project, the country's Prime Minister Dritan Abazovic has announced.
Notably, he has made the announcement after meeting with Ripple CEO Brad Garlinghouse and Ripple Vice President James Wallace. The latter is responsible for overseeing interaction with various central banks regarding the issuance of CBDCs.
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Since 2002, the legal tender in Montenegro is the euro despite not being part of the Eurozone and the EU. The authorities applied for EU membership in 2008.
The Future Now conference was held in April last year in Montenegro with the participation of Ethereum co-founder Vitalik Buterin.
Montenegro is not the only country that has sought Ripple's help. For example, Palau's president, Surangel Whipps, has previously announced cooperation with Ripple Labs as part of a project to create a "national stablecoin."