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It's going to be different for each central bank," he added. The country’s prime minister, Dr. Dritan Abazovic tweeted about the pilot project with Ripple already on January 18, 2023.
Via the social media platform, the Montenegrin Prime Minister reported on his meeting with Brad Garlinghouse, CEO of Ripple, and James Wallis, Ripple Vice President for Central Bank Engagement and CBDCs and said:
Productive meeting with Mr Abazovic also revealed that his country will be working with Ripple on a digital literacy pilot project: Garlinghouse and Ripple Vice President of Central Bank Engagement James Wallis. We talked about putting in place a payment infrastructure that would make it more accessible and financially inclusive. Montenegro is open for new securities and new investments.
In addition, Mr Abazovic revealed that his country will be working with Ripple on a digital housing pilot project 'together with Ripple and the central bank, we have launched a pilot project for the construction of the first digital currency or stability for Montenegro,' he said and shared the picture below.
Montenegro is a candidate country for membership in the European Union whose application has not yet been approved. If Montenegro does not yet belong to the euro area, the euro is used by Montenegro. Garlinghouse, VP Wallis with the Prime Minister of Montenegro | Source: Twitter @DritanAbazovicMontenegro is an EU candidate whose candidacy has yet to be approved.
Even if Montenegro does not yet belong to the euro area, the EUR is used by Montenegro.
Remarkably, Ivan Boskovic, the former Director of the Payment Systems and Financial Technology Department at the Central Bank of Montenegro (“CBM”), published an article in Currency Research entitled “Central Bank of Montenegro: How to Boost Banking and Payment Innovation in a Small Developing Economy” as recently as December 14, 2022.
Lecture connexes: Ripple Hits New UNL. A step towards decentralisation, here are the participants.
Boskovic wrote that digital transformation is a key source of long-term growth, in particular in the financial sector. Their forward-thinking policies have been successful and are now being treated as models for many others. The key issue is if their success can be easily tracked or copied.
According to Boskovic, one of the factors contributing to the success of the above-mentioned countries was the need to create a favourable political framework. And collaboration with ripple could be another step towards bringing knowledge and technology to the country.
As Bitcoinist reported, Central Bank Digital Currencies are a big focus for Ripple in 2023. The company has recently organized a webinar with the digital book foundation called "what is an e-book really helpful for?" James Wallis just gave the speech.
Brooks entwistle, please and md at ripple, also revealed that the company does not intend to implement a solution for each central bank worldwide. Palau and the Kingdom of Bhutan recently made their partnerships with Ripple public.
Palau and the Kingdom of Bhutan have recently done their public ripple partnerships. It is not clear whether xrp or the xrp registry will play a role in the Montenegrin pilot project.
In this context, however, entwistle had a broad explanation at his fingertips. 'There are places where we can play, perhaps with an xrp side chain.
Against this background, however, Entwistle had a general explanation at his fingertips.
