It has been revealed that it has been partnered with an altcoin project in Montenegro. According to the statements of the country’s Prime Minister Abazovic, a pilot test of a digital currency with Ripple (XRP) has begun. Here are the details…
Negotiations continue between Montenegro and the altcoin project
Blockchain company Ripple will likely help the Balkan country build an inclusive payments infrastructure, according to a recent meeting in Montenegro. Montenegrin Prime Minister Dr. Dritan Abazovic highlighted Ripple’s close ties with the Balkan country for the first time in a short Twitter thread on January 18, pointing to continued collaborations. Dr. Abazovic revealed in his Twitter thread that he has spoken to several Ripple executives, including CEO Brad Garlinghouse. During the talks, both sides discussed the development of an inclusive payment infrastructure for Montenegrins.
U saradnji sa @Ripple i Centralnom bankom pokrenuli smo pilot projekat izgradnje prve digitalne valute ili stablecoin-a za Crnu Goru.
— Dr Dritan Abazovic (@DritanAbazovic) January 18, 2023
Dr. Abazovic said, “We had a productive meeting with Brad Garlinghouse, CEO of Ripple, and James Wallis, Vice President of Central Bank Cooperation. “We discussed the development of a payments infrastructure that would provide greater financial accessibility and inclusion. Montenegro is open to new values and investments.” Meanwhile, the prime minister lamented that the country has already launched a digital currency pilot test with the help of Ripple.
“In collaboration with Ripple and the Central Bank, we have launched a pilot project to create the first cryptocurrency or stablecoin for Montenegro,” the Prime Minister wrote. The cooperation between the Montenegrin government and Ripple is mentioned for the first time. But in a December 2021 report, the country’s central bank hinted at developing digital/crypto payment solutions.
Will CBDC be issued or stablecoin?
It is worth noting that Montenegro uses the euro, although it is not a member of the EU. The country adopted the euro as its official currency in 2002 to hedge against hyperinflation. As a result, what Ripple helped Montenegro create is likely not a central bank digital currency (CBDC), but a stablecoin, specifically a euro-pegged stablecoin.
The blockchain payments company often consults with governments on CBDC development. Helping efforts to digitize payments globally. Ripple had created a special ledger for central banks to test CBDCs in 2021. That same year, XRP Ledger’s native altcoin project used XRP in response to the cross-border CBDC interoperability issue. He called it an ideal “neutral bridge currency”.
Specifically, XRP is already being used to bridge fiat currencies in cross-border payments through Ripple’s On-Demand Liquidity service. This service currently serves about 90 percent of the foreign exchange market. XRP advocates see this value proposition as a catalyst that pushes the price of the crypto asset up. Despite its growing influence abroad, Ripple is in a legal battle with the US SEC, as we have also reported as Cryptokoin.com.
The latest developments in the Ripple ecosystem
Meanwhile, there are some news about Ripple. In fact, Ripple recently announced who will be its new chairman as the XRP lawsuit against the SEC draws to a close. In a new company blog post, Ripple said that the company’s senior vice president and general manager Monica Long will be promoted to president. In addition, Ripple’s professional attorney, John Deaton, believes that the latest and most aggressive push to shut down cryptocurrencies could be seen soon after the White House statement regarding the mitigation of risks associated with cryptocurrencies.
Finally, Ripple’s CTO, David “JoelKatz” Schwartz, voiced his theory on who Satoshi Nakamoto might be. Specifically, the controversy stemmed from a tweet by Huber, an aficionado who believed that Satoshi never left and even kept the bulk of his wealth in wallets scattered around the world. Again, according to the user, the probability of this being true is even higher, assuming that there is actually a community of developers behind Satoshi Nakamoto’s alias. At this point, Schwartz pointed out, it’s hard to imagine that anyone could have “forgotten” to ask for billions of dollars.
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