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Georgia Partners with Ripple for Trailblazing Digital Currency Pilot

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.

This groundbreaking partnership involves the joint undertaking of a pilot program between NBG and Ripple, utilizing Ripple’s advanced CBDC platform.

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.

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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.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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