Montenegro Taps Ripple to Improve its Payment Infrastructure

Montenegro’s Prime Minister, Dr. Dritan Abazovic, hinted at a new partnership between the country and the blockchain payments firm, Ripple Labs Inc. 

The Prime Minister revealed in a Twitter thread that he had a discussion with some of Ripple’s top executives, including the CEO Brad Garlinghouse. He emphasized that the discussion was centered on developing an inclusive payment infrastructure for Montenegrins by leveraging Ripple’s technology.

It is worth noting that this is the first time a partnership between Ripple and the Montenegrin government has been mentioned. Although the country’s central bank hinted at the implementation of digital payment innovations in the country in an earlier report.

Dr. Dritan Abazovic went on to say that the central bank has also launched a pilot project with Ripple to create Montenegro’s first digital currency or stablecoin.

Although, the announcement received positive feedback, with some stating that the Prime Minister is on the right track. Others, however, believe collaboration is a mistake. 

“You can’t free Montenegro and its people by literally handing over its financial infrastructure to a corrupt and scammy company,” says a Twitter user @balkina_me.

The negative comments may have stemmed from Ripple’s XRP’s ongoing legal brawl with the Securities and Exchange Commission (SEC). Recall that the SEC issued a lawsuit against Ripple Labs about the violation of securities laws as it concerns the XRP coin. 

Ripple Growing Despite Ongoing Lawsuit

After such a long time, many XRP holders are hopeful that the SEC will choose a settlement in its lawsuit against Ripple Labs to end the case. According to a tweet poll, nearly 60% of the over 18,000 respondents favored an out-of-court settlement with the SEC, while the rest believe the regulator will wait for a judgment this year.

Similarly, Ripple’s CEO recently stated that he believes a conclusion will be reached soonest in the ongoing lawsuit with SEC. He also said he is pleased with how the case is progressing in terms of the law and facts, and he anticipates a favorable outcome.

Despite Ripple’s legal issues, Ripple is seeing growth in its businesses. The Republic of Palau has also announced a partnership with Ripple to develop its own stablecoin.

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