Montenegro on a Mission to Create a Digital Currency Strategy

To create a plan and pilot program to introduce the nation's first digital currency in the form of a Central Bank Digital Currency (CBDC), that is, a national stablecoin, the Central Bank of Montenegro (CBCG) has decided to collaborate with the cryptocurrency and blockchain company Ripple. The launch of the digital currency is a step toward digitizing financial services and promoting a world of greater financial accessibility for the people of Montenegro, which is in line with the primary goals of the Central Bank of Montenegro.
With such a move, the Central Bank of Montenegro is tackling some of the biggest financial concerns in the world, such as financial inclusion and pushing its financial infrastructure to the next stage of digital transformation.

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Montenegro digital currency

Illustration: Milica M.

A CBDC is a digitized form of the money that central banks print. Nowadays, over a hundred of nation are researching and creating a CBDC for a variety of purposes involving expanding financial inclusion, improving monetary policy, enhancing payment security, and boosting the effectiveness of cross-border payments.

At the same time, the European Central Bank is developing the idea of the “Digital Euro” as a future method of secure and useful electronic payment in the eurozone.

The governor of the Central Bank of Montenegro, Radoje Žugić stated that “as a central bank committed to following up-to-date national banking trends, the Central Bank of Montenegro is actively ensuring it maintains an efficient financial system. We look forward to collaborating with Ripple on the pilot project for creating CBDC or stablecoin.”

“Through the project, the Central Bank of Montenegro 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 analyze 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,” Žugić explained.

The project will have several stages, involving determining the real-world uses for a digital currency, i.e., national stablecoin, and designing a model to replicate its use and circulation in a controlled environment.

“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,” commented James Wallis, Ripple’s Vice President of Central Bank Engagements & CBDCs.


Ripple has a proven track record of successfully connecting disparate payment systems and championing blockchain’s utility to issue Central Bank Digital Currencies and solve for global payments to hundreds of financial institutions around the world. We are pleased that the CBCG has chosen Ripple to help launch its first digital currency and further address the country’s core financial objectives.

What is Ripple?

The crypto solutions provider Ripple revolutionizes how value is managed, moved, and tokenized in society. Quicker, more transparent, and cheaper, Ripple’s business solutions eliminate inefficiencies that have long characterized the status quo.

With the help of partners and the greater development community, the company also uncovers new use cases where crypto technology will spur fresh business ideas and open up new opportunities.

Increasing access to inclusive and scalable financial institutions while utilizing carbon neutral blockchain technology and a green digital asset, XRP, allows the company to achieve a more sustainable global economy and planet. This way, the company accomplishes its goal to develop cryptocurrency solutions for a global economy devoid of boundaries.

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