Georgia Partners with Ripple for Trailblazing Digital Currency Pilot
The National Bank of Georgia (NBG) has recently revealed an exciting collaboration with Ripple, aiming to explore the implementation of a cutting-edge central bank digital currency (CBDC) named the Digital Lari.
Acting Governor of NBG, Natia Turnava, expressed the institution’s anticipation and confidence in Ripple’s technical capabilities and the expertise within its team, marking pivotal reasons behind the selection.
Ripple’s CBDC platform, crafted on a personalized version of the XRP ledger, provides a dynamic and adaptable framework for central banks to create, manage, and exchange CBDCs.
Following a rigorous selection process among nine potential candidates, Ripple emerged as the chosen collaborator.
The upcoming phase will involve a collaborative effort between Ripple and NBG to conduct real-time testing of the CBDC platform, exploring a spectrum of potential use cases.
James Wallis, VP of Central Bank Engagements at Ripple, commended the forward-thinking initiative of the National Bank of Georgia in embracing blockchain technology, foreseeing a shift towards a digitally transformed economy.
This endeavor marks a significant milestone as Ripple embarks on its sixth CBDC project with governments, joining hands with Bhutan, Palau, Montenegro, Colombia, and Hong Kong.
Ripple has also revealed ongoing negotiations with more than 20 countries, reflecting a growing global interest in potential collaborative ventures.