Ripple said that the CBDC project will involve several phases such as identifying the practical application of the CBDC, simulating its circulation, as well as using it under controlled conditions.
In an interesting development on Tuesday, April 11, blockchain startup Wave joined hands with the Central Bank of Montenegro (CBCG) to create pilot program Digital currency of the country’s central bank (cbdc,
As of now, Montenegro is using Euro as its currency since its introduction in 2022. As part of their partnership, Ripple will help Montenegro identify practical applications for a CBDC.
As we know, more than a hundred countries around the world are working on their own CBDCs. Strong economies such as China and the Eurozone have already stepped up their efforts to launch CBDCs. Different countries are pursuing their CBDC initiatives with different objectives. This includes expanding financial inclusion, improving payment security, modernizing monetary policy as well as increasing cross-border payment efficiency. Commenting on the development, CBCG Governor Radoje Zugic said:
“Through the project, CBCG will work with the Montenegrin government and Montenegrin education to test the functionality and potential of core blockchain technology to create a practical digital currency or secure currency solution. It will also analyze the benefits and risks that that may arise with respect to CBDC or national stablecoin electronic means of payment availability, security, efficiency, compliance with regulations and most importantly protecting the rights and privacy of end users.
Different phases of CBDC launch
Ripple said that the project will go through several phases of implementation. This includes identifying the practical application of a CBDC, simulating its circulation, as well as using it under controlled conditions. James Wallis, Ripple’s Vice President of Central Bank Engagements and CBDCs, said that they have planned a sandbox phase for the pilot launch of the CBDC. He couple,
“Ripple has a proven track record of successfully connecting disparate payment systems and championing the utility of blockchain to issue central bank digital currencies and provide solutions for global payments to hundreds of financial institutions around the world. We are delighted that CBCG has chosen Ripple to launch its first digital currency and help meet the country’s key financial objectives.”
This certainly isn’t the first time that Ripple is working on a CBDC project. Later this year, the company also released a CBDC white paper.

Bhushan is a FinTech enthusiast and has a good grasp of understanding the financial markets. His interest in economics and finance drew his attention to the newly emerging blockchain technology and cryptocurrency markets. He is in the process of continuous learning and keeps motivating himself by sharing his acquired knowledge. In his spare time he reads thriller fiction novels and occasionally explores his culinary skills.
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