Another central bank has chosen Ripple, a crypto payments company for cross-border remittances, to build its own Central Bank Digital Currency (CBDC)
Ripple has entered into a partnership with the Central Bank of Montenegro to develop a Central Bank Digital Currency (CBDC). During the World Economic Forum 2023 in Davos, the prime minister of Montenegro, Dritan Abazović, met with Ripple CEO Brad Garlinghouse and James Wallis, vice president of the company’s central bank engagements and CBDCs division, to discuss the creation of a payment infrastructure that would promote greater financial inclusion and accessibility.
The Central Bank of Montenegro (CBM) is the country’s central bank and is responsible for the country’s monetary policy and financial stability. The CBM was established in 1991 and its main objectives are to maintain price stability and to support the economic development of Montenegro. The CBM is an independent institution and its decision-making is guided by the principles of central banking.
Despite not having its own native currency, Montenegro utilizes the Euro as its official currency. Prior to 2002, Montenegro used the Deutsche Mark as its official currency. Since then, it has been using the Euro.