Rally

Pilot

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">The Central Bank of Montenegro (CBDG) has<a aria-label="tapped Ripple (opens in a new tab)" href="https://www.businesswire.com/news/home/20230411005396/en/" target="_blank" rel="noreferrer noopener nofollow" class="deco-link"> partnered with Ripple</a> to develop a central bank digital currency (CBDC) pilot. Through the pilot program, the CBDG will be able to determine the practical applications and analyze the potential advantages and risks of CBDCs.</p> 
<h3 id="montenegro-central-bank-and-ripple-to-work-on-cbdc-pilot">Montenegro Central Bank and Ripple to Work On CBDC Pilot</h3> 
<p>Blockchain-based digital payment protocol Ripple announced on Tuesday it has agreed with the Central Bank of Montenegro (CBDG) to develop a CBDC pilot that will serve as a national stablecoin. According to Ripple, the pilot will enable the CBDG to identify the practical application of a CBDC and create a design to simulate its circulation.</p> 
<p>Montenegro central bank’s governor Radoje Zugic said the project aims to “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.”</p> 
<p>A CBDC is a digital form of central bank money issued and backed by a central banking authority and can be used as a legal tender for digital payments. Montenegro becomes the latest nation to join the global <a aria-label="CBDC race (opens in a new tab)" href="https://www.pwc.com/gx/en/news-room/press-releases/2022/pwc-cbdc-global-index-2022.html" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">CBDC race</a> with this move. Earlier this year, <a href="https://tokenist.com/japan-joins-the-cbdc-race-will-conduct-tests-in-april/" rel="dofollow" class="deco-link">Japan’s central bank said</a> it plans to launch a pilot program to conduct experiments on using a Digital Yen.</p> 
<p>China is one of the global nations at the <a href="https://tokenist.com/digital-yuan-loans-can-help-china-monitor-businesses-in-real-time/" rel="dofollow" class="deco-link">forefront of CBDC development</a>, with its digital currency electronic payment (DCEP) project already in advanced testing stages. The People’s Bank of China (PBOC) started working on its CBDC project in 2014 and has already conducted several large-scale trials.</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p> 
 </div> 
</div> 
<h3 id="recent-xrp-rally-driven-by-retail-investors">Recent XRP Rally Driven by Retail Investors</h3> 
<p>XRP, a cryptocurrency issued by Ripple, has surged almost 40% in the past four weeks, more than what other top cryptocurrencies, including Bitcoin, gained during that period. According to crypto data provider Kaiko, the rally was fueled by retail investors, while institutional investors contributed to the bearish pressure.</p> 
<blockquote class="wp-block-quote"> 
 <p>“Looking at buy and sell transactions on the two largest Korean exchanges, Upbit and Bithumb, market sell orders overwhelmingly outpace market buys for orders over 200k XRP (~$95k). In contrast, the buy/sell ratio was much more balanced for smaller orders.”</p> <cite>– Kaiko analysts wrote in a note on Monday. </cite>
</blockquote> 
<p>The rally provides much-needed relief for XRP investors after the cryptocurrency’s massive decline after <a href="https://tokenist.com/institutional-investors-bet-on-xrp-amid-sec-court-case-update/" rel="dofollow" class="deco-link">Ripple’s dispute</a> with the US Securities and Exchange Commission (SEC). In December 2020, the SEC filed a lawsuit against Ripple, alleging that the blockchain company had raised $1.3 billion through an unregistered security offering by selling XRP to investors. Due to the case, several major crypto exchanges suspended XRP on their platforms, further weighing its price.</p> 
<div class="cta-sub js__cta-sub"> 
 <div class="cta-sub__start" data-step="1"> 
  <div class="cta-sub__title">
   <strong>Finance is changing.</strong>
  </div> 
  <div class="cta-sub__subtitle">
   Learn how, with Five Minute Finance.
  </div> 
  <div class="cta-sub__excerpt">
   A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
  </div> <button type="button" class="btn">Try it out (for free)</button> 
 </div> 
 <div class="cta-sub__form" data-step="2" style="display: none;"> 
  <script type="text/javascript" src="https://app.getresponse.com/view_webform_v2.js?u=QcLhh&amp;webforms_id=zw3Wv"></script> 
 </div> 
 <div class="cta-sub__result" data-step="3" style="display: none;"> 
  <div class="cta-sub__title">
   Awesome
  </div> 
  <div class="cta-sub__caption">
   You’ve subscribed.
  </div> 
  <div class="cta-sub__greeting">
   You’re well on your way to being in the know.
  </div> 
 </div> 
</div> 
<p><em><strong>Do you think the US central bank will ramp up its efforts to develop a digital dollar? Let us know in the comments below.</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/montenegros-central-bank-to-work-with-ripple-on-its-national-stablecoin/">Montenegro’s Central Bank to Work With Ripple on its National Stablecoin</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Montenegro’s Central Bank to Work With Ripple on its National Stablecoin

Table of Contents

Tokenist

Other articles published on Apr 11, 2023

Court Documents Reveal Elon Musk’s X Corp. Has Absorbed Twitter Inc. to Become Controlling Parent...

Mastercard payment cards will be made exclusively from recycled plastic by 2028

Airtel, MTN tops list of most valuable companies in Nigeria after Q1 2023

INEC, Peter Obi, CBN lead Google search topics by Nigerians in the Q1 of 2023

Killer Move of the Day in the Crypto Space

1inch supports BNB Chain’s Zero2Hero Hackathon’s DeFi track

Join our free newsletter for daily crypto updates!