Ripple and National Bank of Georgia Join Forces for Revolutionary Digital Currency Pilot Program!

"Ripple's CBDC Platform Selected for Groundbreaking Project, Showcasing Innovation and Expertise"

Ripple’s platform for central bank digital currencies (CBDCs) has been selected by the National Bank of Georgia (NBG) for an upcoming project. The decision was made after a rigorous competition that involved the submission of Project Execution Plans (PEPs) by several candidates. Ripple’s platform, which operates on the XRP ledger-based system, offers end-to-end solutions and has already been successfully utilized in five pilot programs worldwide. Its ability to provide control over digital currency flow is a crucial feature for a CBDC.

The NBG has been actively seeking assistance from technology and financial firms since May 2021 to develop its own CBDC. The bank aims to adopt a modular approach in order to enhance retail convenience and interoperability, and expects significant advancements in the utilization of blockchain technology. However, no specific launch date has been announced for the Digital Lari, Georgia’s CBDC.

Earlier this year, Ripple Labs and the NBG initiated Georgia’s first CBDC pilot program. This groundbreaking initiative aims to digitize the national currency, Lari (GEL), and will leverage Ripple’s CBDC platform to demonstrate the effective minting, management, transaction, and redemption of a CBDC.

Ripple was chosen as the preferred provider over nine other contenders due to its deep understanding of the project and its strong commitment to its success. During the pilot phase, the platform will be tested in a live environment for selected use cases. James Wallis, Vice President of Central Bank Engagements at Ripple, praised the NBG for its leadership in exploring blockchain technology in the country.

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Martin Reid

Martin Reid

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