There are no legal restrictions for the company PayPal to provide services for both sending and receiving money, because Montenegro has created a legal framework that allows this and all other platforms for mediating electronic transactions, which operate on the same principle, to operate and use all services without interruption, they said from the Central Bank of Montenegro (CBCG).
PayPal has been present on the Montenegrin market for eight years, but users can only send, but not receive, money via this platform. When asked what is preventing the full implementation of the PayPal system in Montenegro, the CBCG says that it is just their business decision.
– We can assume that the strategic determination, business policies and decisions of the PayPal company, as a private company, largely determine their current position that in Montenegro the service of sending, but not receiving, money is available, despite the fact that on the basis of the existing legal framework, PayPal could provide a complete service on the Montenegrin market already today.
On the other hand, the Ministry of Public Administration (MJU) recently announced that they have formed a working team for negotiations with PayPal in order to expand their services and create a strategic partnership. That team, as announced, consists of representatives of key institutions in this process, but it was not specified which ones.
– Conducting negotiations will also include an analysis of the regulations in Montenegro that enable the introduction of PayPal services, an analysis of comparative practices, as well as possible barriers to the introduction of PayPal in Montenegro – the announcement states.
