The Central Bank of Montenegro (CBCG) is working with blockchain and crypto specialist Ripple on a CBDC pilot.
The project will explore the practical application of a digital currency or national stablecoin and the design to simulate its circulation and use under controlled conditions.
CBCG governor Radoje Žugić says: "We look forward to collaborating with Ripple on the pilot project for creating CBDC or stablecoin.
"Through the project, the CBCG will work with the Government of Montenegro and Montenegro’s academia to create a practical digital currency or secure currency solution to test the main blockchain technology’s functionality and potential.
"It will also analyse the advantages and risks that CBDCs or national stablecoins could pose concerning electronic means of payment availability, security, efficiency, compliance with regulations, and most importantly, the protection of end users’ rights and privacy."