The Central Bank of Montenegro and the San Francisco payments company Ripple are collaborating on a cutting-edge digital currency pilot project.
The central bank of Montenegro has reportedly started a pilot project with Ripple to create the nation's first digital currency or stablecoin, according to the country's prime minister, Dr. Dritan Abazovic.
Dr. Abazovic personally met with James Wallis, the organization's vice president of central bank engagements and central bank digital currencies, and Ripple CEO Brad Garlinghouse (CBDCs).
According to the Prime Minister, Ripple can assist in creating a payment infrastructure that would offer "more financial accessibility and inclusivity."
The XRP Ledger (XRPL), in the opinion of crypto law expert Jeremy Hogan, may interact with Ripple CBDC projects in a variety of ways.
"One idea is that a CBDC might be issued as an IOU represented by a particular token on top of the XRPL. This would enable the CBDC to benefit from the quick and effective settlement times of the XRP Ledger.
Another possibility is that the Central Bank of the CBDC would open a "portal" on the XRPL via which users might deposit and withdraw CBDC. As a result, the CBDC could be utilized with XRP and other virtual currencies on the XRP Ledger.
At the time of writing, the price of XRP is $0.392. By market cap, the sixth-ranked cryptocurrency is down more than 5% in the.
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