Montenegro Partners With Ripple To Create Stablecoin Pilot Project
A few days ago, Ripple signed a strategic partnership with Montenegro, a southeastern European nation, to chart the way for its stablecoin pilot project. The country’s prime minister announced the news of the deal.
A Deal With Ripple
According to the official Twitter handle of Montenegro’s prime minister, Dr. Dritan Abazovic, the authorities have held a productive meeting with Brad Garlinghouse, Ripple’s CEO, and James Wallis, the company’s vice president for central bank engagement.
As the prime minister, they talked about developing payment infrastructures that would ensure inclusive financial accessibility with the country open for investment and new values. Furthermore, Dr. Abazovic noted that Montenegro would work with Ripple on a pilot project for its digital stablecoin.
“In partnership with the crypto service provider and the central bank, the country has unveiled a pilot project to develop its first stablecoin.” Meanwhile, the country, like many other members of the EU, is using the bloc’s currency, EUR, for all its transactions.
The Euro is not yet a legal tender in Montenegro, but the government and the residents treat it as such.
Is Ripple’s XRP Involved?
Reports indicate that Montenegro already has a strategy to adopt digital currency as part of its long-term economic growth. A publication by Ivan Boskovic, a former director at the Central Bank of Montenegro (CBM), shows that the country is considering going all out to pursue its digital currency goals.
According to Boskovic, digital transformation is one of the long-term goals of the country’s financial sector. However, due to its size, Montenegro faces some challenges that are proving difficult to overcome compared to other smaller nations.
The researcher added that other countries like Singapore, Malta, and Luxembourg are part the frontrunners among smaller nations in their digital finance policy growth.
He added that due to their visionary policies, these countries showcased a blueprint for others to follow. But it remains to be seen whether others can replicate their successes.
Boskovic further explained that one of the factors critical for the countries’ success is the presence of a conducive political atmosphere. He further said the cooperation with Ripple also contributes to the transfer of technology and knowledge into the countries.
With Ripple’s numerous partnerships with countries, many industry analysts believe that the company will soon be the go-to solutions provider for CBDCs.
However, Brooks Entwistle, an MD at Ripple, stated that the firm is interested in providing solutions for only some central banks worldwide. Entwistle said Ripple is taking a targeted approach to technology implementation for countries.
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