Ripple (XRP) will collaborate with Montenegro to develop a digital stablecoin for the country.
The team at Ripple will be working with Montenegro’s central bank as part of a digital token pilot project.
The news comes as CBDCs and stablecoins gain popularity and adoption around the world.
Montenegro join forces with Ripple for digital token pilot project
On January 18 2023 the Prime minister of Montenegro tweeted about his meeting with Ripple and the development of a digital token for the country.
A translation of the Prime minister’s tweet:
Productive meeting with the CEO of @Ripple @bgarlinghouseand VP for cooperation with central banks #JamesWallis. We discussed the development of a payment infrastructure that would provide greater financial accessibility and inclusion. Montenegro is open to new value and investments.
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CBDCs and stablecoin adoption by countries around the world have been a trend in the last few years, especially in 2022. India trailed a digital Rupee in late 2022 while the United Kingdom announced in January that a GBP stablecoin and CBDC launch is on the table in the near future.
At the World Economic Forum, Red Date Technology, a Hong Kong-based blockchain startup revealed a SWIFT-style payment system for stablecoins and CBDCs, which will make it easier to perform payments using digital tokens around the world.
CBDCs and stablecoins can be used to facilitate cross-border transactions and as an alternative payment option outside of the regular financial world.
There is no word yet on whether XRP will play a role in Montenegro's digital token pilot project, but XRP holders are excited.
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