Cryptocurrency for citizens
After a few week ago, online news was interesting for my eyes and fact that Montenegro will bring Ripple cryptocurrency on financial market.
It is very good news that Montenegro initiate first national digital currency - national stable coin. Ripple company and central bank of Montenegro will get agreement for cooperation in developing strategy and realization in this pilot project.
Main goal of Central bank of Montenegro is providing digital money in its financial system and that is first step in digitalization of financial services to the citizens and make more room for easier and modern financial services.
Today, more then hundred countries all over the world testing and developing digital currency for wide specter of needs including enlarging financial inclusion, modernization of monetary policy, better safety for payments and better efficiency for international payments.
Maybe you know that European Central Bank works on project for digital euro expansion and will be future sort of safe and practical electronic payment in Eurozone.
Central Bank of Montenegro and Government with academic community will create safe digital crypto or safe currency solution in order to test functionality and potential of blockchain technology. There will be started advantages and disadvantages of cryptocurrency in field of arrangement with law regulative, stability, security and safety and most of all privacy protection of users.
This project will have multiple phases organization including identification of practical usage of digital currency and design for simulation it will place in the financial market and use in control conditions.
Central Bank of Montenegro brings a higher level of digital transformation in its financial infrastructure facing with one of the biggest challenges in world of finance.
Ripple has great experience in successfully join of different systems of payment and popularization of benefits of cryptocurrencies of central bank and dealing with problems for payment a large number of financial institutions everywhere.
Montenegro's fiat currency now is EURO and its initiation was in 2002. year, even this country wasn't member of European Union.
In order to test this project, it will be created some version of "sandbox" and release that cryptocurrency in very specific and safe financial environment.
We hope that this country of Balkan will succeed in this intention and that will be great path to other countries which will recognize same opportunity in financial development and support.
All images are get from: Unsplash