Ripple's Top Exec Drops Major Update on Joint Project with Montenegro

Antony Welfare, the CBDC advisor at Ripple, shared a major update on the ongoing joint project with Montenegro. As was officially announced back in April, the Central Bank of Montenegro and representatives from the crypto company formed a partnership to work on the implementation of a national stablecoin pilot project.

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The latest progress on the project was marked by a two-day visit of Ripple experts to Montenegro on July 25-26 July. During their visit, the experts conducted two educational workshops focusing on tokenization and the Web3 economy.

The main objective of these workshops was to equip participants with the knowledge and skills necessary to understand blockchain technology and explore the vast possibilities it offers.

Welfare expressed delight in working with Montenegro's team on the continuation of activities related to the national stablecoin pilot project. This collaboration signifies a momentous step toward shaping the future of digital currencies and their integration into the country's financial landscape.

A pleasure to work with the team in #montenegro on the - Continuation of activities on the implementation of the national #stablecoin pilot project

"The main objective of the pilot project is for the Montenegrin administration as well as the general public to expand their… pic.twitter.com/ncwonhQQ04

— Antony Welfare (@AntonyWelfare) July 26, 2023

Among other things, the visit provided an opportunity for experts to engage in productive work meetings with various interested groups like financial service providers, government institutions, the private IT sector and the academic community.

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These meetings aimed to foster discussion and exchange ideas regarding the identification of potential use cases for testing the stablecoin within Montenegro. By exploring these use cases, the project aims to assess the potential impact of CBDCs on applicable regulations, cybersecurity and the protection of end users' rights and privacy.