Ripple Progresses with Montenegro CBDC Pilot Project

Ripple CBDC advisor is delighted with Montenegro’s CBDC pilot as Ripple hosts workshops and engages in meetings for the stablecoin project.

Antony Welfare, CBDC Advisor at Ripple, took to Twitter to express delight in working with a dedicated team of experts in Montenegro regarding the national stablecoin project. According to the tweet, it is a continuation of activities on implementing the country’s central bank digital currency (CBDC) pilot project.

A pleasure to work with the team in #montenegro on the – Continuation of activities on the implementation of the national #stablecoin pilot project

"The main objective of the pilot project is for the Montenegrin administration as well as the general public to expand their… pic.twitter.com/ncwonhQQ04

— Antony Welfare (@AntonyWelfare) July 26, 2023

Ripple Hosts Workshops for Montenegro CBDC

The Central Bank of Montenegro (CBCG) website provides further insight into the ongoing efforts to implement the stablecoin project in the country. The report highlights that Ripple sent its experts to Montenegro this week. During their visit, the Ripple representatives conducted two enlightening workshops. 

The first workshop covered Asset Tokenization, while the second delved into programmability. These workshops were tailored for attendees from diverse sectors, including financial service facilitators, public and private institutions, and scholars from the academic realm. 

Through these educational events, participants gained invaluable knowledge about the working principle of blockchain technology and its vast possibilities.

Additionally, Ripple’s experts engaged in several productive meetings with reps from various groups. These meetings aimed to foster idea exchange and identify potential candidates for testing CBDC in Montenegro.

Notably, the central point of Montenegro’s pilot project is to equip the public with hands-on experience in utilizing the proposed digital currency while being mindful of its risks. The implications on regulations, cybersecurity, and users’ rights and privacy were of particular concern.

By actively participating in these educational and exploratory activities, Montenegro aligned itself with most banks worldwide. According to a report which the CBCG cited, approximately 93% of all apex banks have already embarked on CBDC tests. It noted that over half of them have been actively performing real experiments like Montenegro.

Ripple’s CBDC Endeavors

Meanwhile, Ripple’s CBDC endeavors transcends the borders of Montenegro. The San Francisco-based payments company rolled out its dedicated CBDC platform in May to allow public and private financial institutions launch their digital currencies.

A month before that, Montenegro confirmed Ripple as its official CBDC project partner. Ripple is currently powering digital currency projects for several countries including the Republic of Palau, Colombia and Bhutan.