- Ripple is pitching 20 CBDC or stablecoin use cases to Balkan state Montenegro.
- If the partnership gets signed, the world may see its first XRP-based stablecoin — a digital euro.
- Ripple’s CBDC advisor even teased that Montenegro may launch some use cases by the end of 2023.
Ripple recently announced its fruitful partnership with the island nation of Palau leading to an XRP-supported stablecoin. Now, it appears the American fintech firm is already working toward another partnership. This time, it is with the European country Montenegro.
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According to a recent post, Ripple showcased up to 20 use cases to the Central Bank of Montenegro (CBCG). The Ripple workshop aimed at helping Montenegro develop its own central bank digital currency (CBDC) or an XRP-based stablecoin, should the Balkan state agree to a partnership.
Anthony Welfare, Ripple’s CBDC Advisor, even teased that Montenegro may pioneer a couple of use cases from the partnership before this year ends.
Montenegro’s official currency is the euro, so if the partnership takes place, the world might see its first XRP-based digital euro iteration. However, it is not clear how the partnership will go about creating a digital euro, in light of the European Union’s (EU) crypto regulation policy.
Earlier this year, the EU passed its Markets in Crypto Assets (MiCA) law, which provides clearer guidance for the crypto industry in greater Europe. This was lauded by many in the crypto industry as it enables crypto firms to obtain guidance and regulation so as to provide compliant services to customers in EU member states.
Montenegro recently became popular within the crypto industry as controversial Terraform Labs founder Do Kwon was arrested by local police for falsification of travel documents.
Meanwhile, the US is working toward its first modern crypto regulation framework as a bill filed last week has passed the initial stage and has obtained bipartisan support.
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