National cryptocurrency to appear in Montenegro based on Ripple

Montenegrin Prime Minister Dritan Abazovic announced on Twitter that the country’s government is developing a digital currency for the central bank (CBDC) in cooperation with Ripple. The official has already met with Ripple CEO Brad Garlinghouseand Vice President James Wallis at the World Economic Forum in Davos.

«In cooperation with Ripple and the Central Bank, we have launched a pilot project to create the first digital currency or stable coin for Montenegro,» Abazovic said.

It is not yet known what official status the new virtual coin will have, as Montenegro does not currently have its own national currency. The country uses the euro despite the fact that it is neither part of the eurozone nor a member of the European Union.

The Montenegrin government has been exploring the possibilities of the crypto industry to help the country’s economy for several months. Last April, the agency even held a discussion panel on digital assets, which was attended by Ethereum co-founder Vitalik Buterin. At the same time, the father of Ethereum received Montenegrin citizenship.

Montenegro is not the first country to try to introduce digital assets into domestic circulation. As a reminder, the Turkish Central Bank (TCMB) plans to launch a state cryptocurrency this year. The digital lira will be integrated with the FAST identification and payment system. CBDC will be developed, researched, and tested by the Central Bank in cooperation with the Ministry of Finance and the Scientific and Technical Research Institute of Turkey.