Ripple Jalin Partnerships With Central Bank Montenegro For CBDC Projects

JAKARTA The blockchain payment company headquartered in San Francisco, Ripple, is working with the Central Bank Montenegro to build a new stablecoin pilot program.

Stablecoin is a digital currency whose value is associated with fix assets such as gold or fiat currency. In this case, the Central Bank Montenegro will work with Ripple to build its country's first stablecoin.

Prime Minister Montenegro, Dr. Dritan Abazovic, meets Ripple CEO Brad Garlinghouse and James Wallis, Vice President Ripple for the involvement of central banks and central bank digital currencies (CBDC).

Dr. Abazovic said he believed Ripple could help develop payment infrastructure that provides "larger financial accessibility and inclusion".

Crypto law expert Jeremy Hogan stated that XRP Ledger (XRPL), the blockchain technology used by Ripple, can interact with the CBDC Ripple project. One possibility is that the stablecoin can be published on XRPL and take advantage of XRP Ledger's fast and efficient completion time.

Another possibility is that the Central Bank CBDC opens a "gateway" at XRPL, which allows users to deposit and pull the stablecoin along with XRP and other digital assets at XRP Ledger.

At the time of writing, XRP is trading at IDR 6,043 per coin. The price is up 3.1 percent in the last 24 hours. XRP had touched its all-time high on January 7, 2018 at the level of IDR 45,650 per coin, according to Coinecko data.