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Ripple is continuously working on expanding its use case as a bridge currency which makes it easy for any currency to be exchanged for another.
A January 18, 2023 Twitter thread of Montenegro’s prime minister Dr. Dritan Abazovic revealed Ripple’s partnership with the Balkan country.
Produktivan sastanak sa CEO kompanije @Ripple @bgarlinghouse i VP za saradnju sa centralnim bankama #JamesWallis. Razgovarali smo o razvoju platne infrastrukture koja bi obezbijedila veću finansijsku dostupnost i inkluziju. Crna Gora otvorena za novu vrijednost i ulaganja. ⬇️ pic.twitter.com/YdPeWHUtCm
— Dr Dritan Abazovic (@DritanAbazovic) January 18, 2023
According to the thread, Dr. Abazovic recently met with two Ripple executives including CEO Brad Garlinghouse and VP of Central Bank Cooperation James Wallis.
The meeting was focused on developing an inclusive payment infrastructure for Montenegro.
Dr. Abazovic wrote, “We discussed the development of a payment infrastructure that would provide greater financial accessibility and inclusion.”
“In cooperation with Ripple and the Central Bank, we launched a pilot project to build the first digital currency or stablecoin for Montenegro.”
Although it is important to note that Montenegro is not yet a member of the European Union after its separation from the Federal Republic of Yugoslavia, Montenegro did not have its currency, and its official currency was Yugoslav Dinar till the Socialist Federal Republic of Yugoslav disintegrated.
In November 1999, Montenegro adopted the German Deutschmark alongside the existing Dinar — establishing a dual currency system. And then in 2002, the nation adopted the Euro as its official currency. However, the European Central Bank never approved Euro usage in Montenegro.
Nevertheless, adopting the Euro helped Montenegro. There has been a positive impact on business and the economy in general ever since the Euro was adopted.
Ripple vs SEC Lawsuit progress
Ripple was accused of selling unregistered securities in the form of their token XRP in December 2020. The SEC wants XRP to be classified as a security, while Ripple argues that it is not a security. The financial watchdog is yet to prove that XRP is a security.
According to attorney John Deaton, there is no doubt that the ruling will favor Ripple. He has suggested that Ripple might take the case to the US Supreme Court where the decision would be in its favor.
“I have zero doubt that the current makeup of the U.S. Supreme Court will rule in favor of Ripple if it goes that far,” Deaton said.
The Ripple vs. the SEC case is under the US District Court, Southern District of New York (SDNY).