The Central Bank of Montenegro (CBCG) announced in April 2023 that it had partnered with Ripple to develop a strategy and pilot program for a digital currency. The project was designed to explore either a central bank digital currency (CBDC) or a national stablecoin as Montenegro examined new ways to digitize financial services and improve access to electronic payments.
The partnership reflected the CBCG’s interest in testing blockchain technology rather than committing immediately to a particular form of digital currency. The bank’s stated objectives include improving the country’s financial system and expanding access to modern financial services. Its work with Ripple was intended to assess whether a digital currency could support those goals.
According to then-CBCG Governor Radoje Žugić, the central bank wanted to keep pace with developments in banking and payment technology. The pilot was expected to involve the Montenegrin government and academic institutions alongside the CBCG and Ripple.
What the pilot was meant to test
The project was designed to examine the practical use of blockchain technology in a regulated monetary system. The CBCG said its analysis would consider the potential benefits and risks of a CBDC or national stablecoin, including accessibility, security, efficiency, regulatory compliance, and the protection of users’ rights and privacy.
Žugić noted that these issues would be assessed before determining what type of digital currency could be appropriate for Montenegro.
Ripple executive James Wallis stated:
“We are pleased that the CBCG has chosen Ripple to help launch its first digital currency and further address the country’s core financial objectives.”
Wallis noted that Ripple’s CBDC work with central banks was intended to address payment efficiency and the use of blockchain technology in public financial systems.
Where the project stands
Ripple continued to describe Montenegro as one of the countries involved in its CBDC work. The company has since expanded its focus beyond CBDCs into stablecoins, payments and regulated digital-asset infrastructure. In 2026, Ripple received full MiCA authorization in Luxembourg, allowing it to provide regulated cryptoasset services across the European Economic Area.
Montenegro, meanwhile, has focused more recently on upgrading its conventional payment infrastructure. The CBCG prepared the TIPS Clone system for instant domestic payments and continued work on SEPA integration and broader financial-system modernization.
The Ripple partnership therefore remains an important part of Montenegro’s earlier digital-currency experimentation, but there is no verified evidence in the latest CBCG materials that the country has moved from the pilot stage to issuing a national CBDC or stablecoin.
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