San Francisco headquartered fintech firm signed an agreement to help Montenegro’s central bank to develop national digital currency.
Montenegro is a country in Southeastern Europe and part of the Balkans. Recent years showed that the country’s government agencies has been friendly toward the crypto sector & crypto adoption. In the present time, Real estate companies are also allowed to use crypto in their financial transactions but under the regulation system.
On 11 April 2023, The Central Bank of Montenegro (CBCG) confirmed through a press release that the bank established a partnership with San Francisco headquartered fintech company Ripple.
Under the partnership, Montenegro will secure a practical level of technical help from Ripple to develop its central bank digital currency (CBDC).
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The central bank said that they are focused to bring efficiency to their existing payment system with the help of CBDC.
“Aligning with the CBCG’s core objectives, the digital currency’s introduction is another step forward to digitizing financial services and fostering a world of greater financial accessibility for Montenegro’s citizens,” Central Bank stated.
Ripple vs SEC
Since Dec 2020, Ripple has been in a legal fight with the United States Securities and Exchange Commission (SEC) over the nature of its financial business with the XRP coin.
Through the lawsuit, the SEC alleged that XRP coin is a security under the Howey test & Investment contract of Federal securities law and also Ripple violated securities law as its executives sold more than $1.3 billion worth of unregistered securities publicly.
Recently a Crypto legal expert shared a statement released by an SEC expert, where he found that the SEC agency itself believes that in after 2018 the XRP coin price was depending on the market movement of Crypto, not on behalf of Ripple company.
Read also: Cardano native wallet “Lace” launches
Ripple will help Montenegro to develop CBDC
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