The National Bank of Georgia (NBG) has taken a significant step in its central bank digital currency (CBDC) project, with the selection of Ripple Labs as its official technology partner. Ripple will play a pivotal role in developing the digital lari, the CBDC of Georgia.
The partnership between the NBG and Ripple entails the implementation and deployment of a digital lari pilot initiative through the Ripple CBDC Platform. This innovative platform will enable the NBG to assess the potential benefits of the digital lari for the government sector, businesses, and individual retail users.
The decision to select Ripple as the technology partner followed a meticulous selection process. In September, the NBG had announced its plans to advance its CBDC project by introducing a limited access live pilot environment.
During the initial phase of the selection process, the NBG identified nine firms known for their technological expertise, maturity, capability, relevant background, and commitment to participating in the practical assessment. Ripple stood out alongside companies such as Augentic, Bitt Inc., Broxus, Currency Network, and DCM Corp.
The selection committee carefully considered various factors, including the firms’ understanding of the project’s objectives, potential applications, and their strong dedication to the success of the project.
This partnership marks a significant milestone for Ripple, which has been actively engaged with organizations looking to explore CBDC implementations. Prior to its collaboration with the NBG for the digital lari project, Ripple had joined forces with Banco de la República, Colombia’s central bank, to investigate the application of blockchain technology in its digital peso pilot. This initiative leveraged the Ripple CBDC Platform to explore the potential of blockchain in CBDC projects.
Ripple’s involvement in these important CBDC projects highlights its expertise and commitment to advancing digital currency technology and fostering innovation in the world of central bank digital currencies. It is yet another demonstration of the growing importance of blockchain and digital assets in the global financial landscape. The successful implementation of the digital lari pilot will likely serve as a model for other nations considering the adoption of CBDCs, making it a closely watched and impactful project in the cryptocurrency and blockchain space.
ALSO READ
- Ripple CTO Calls for Community Support to Add AMM Feature to XRPL
- Ripple Expands US License Portfolio with Fortress Trust Acquisition
- Ripple Joins BIS Cross-Border Payments Task Force to Improve Global Payments