Despite Using Euro, Montenegro to Develop Own Digital Currency With Ripple – Finance Bitcoin News

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Montenegro to develop digital currency in collaboration with Ripple.

President of the European Central Bank Christine Lagarde was quoted as stating in March that a digital euro, still in its, will have a key role to play in safeguarding Europe’s payment autonomy. However, Montenegro is not in any official agreements with ECB regarding the euro and cannot take part in the process.

The CBCG will collaborate on the CBDC with Ripple and work with the Montenegrin government and academia to create a practical and secure digital currency, assured Governor Radoje Žugić. The central bank will also analyze the associated advantages and risks, including those concerning the protection of end users’ rights and privacy, he emphasized.

“The Central Bank of Montenegro is bringing the next level of digital transformation to its financial infrastructure and addressing some of the world’s biggest financial challenges, including financial inclusion,” added James Wallis, Ripple’s vice president of central bank engagements and CBDCs. The Montenegrin digital currency project is expected to go through several stages, during which the participants want to simulate the coin’s circulation and use under controlled conditions, the announcement detailed.

 

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Will ripple help whem to collect more data about their citizens?

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