The National Bank of Georgia (NBG) has chosen Ripple Labs, a blockchain payments network, as its official technology partner to spearhead the development of the digital lari, Georgia’s central bank digital currency (CBDC) initiative.
Ripple announced this strategic partnership, highlighting that it will encompass the deployment of the digital lari pilot program through the Ripple CBDC Platform.
This collaboration will enable the NBG to explore potential use cases for the digital lari, assessing its benefits for the government, businesses, and individual consumers.
Before earning the designation as the NBG’s technology partner, Ripple underwent a rigorous and comprehensive selection process.
In September, the NBG had revealed its plans to advance its CBDC project by introducing a limited-access live pilot environment.
In the initial phase of this process, the NBG identified nine companies renowned for their technological expertise, maturity, capability, relevant background, and eagerness to engage in practical assessments.
Ripple stood out among the selected partners, alongside Augentic, Bitt Inc., Broxus, Currency Network, DCM Corp, and others.
The selection committee meticulously evaluated several factors, including the partner firms’ understanding of the project’s objectives, their potential applications, and their unwavering commitment to the project’s success, as per the NBG’s announcement.
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Ripple’s dedication to advancing digital currencies and fostering innovation in the field of CBDCs has garnered recognition.
In July, the company received accolades from Currency Research for its contributions to digital currency advancement and its notable sustainability initiative.
Ripple’s role in supporting CBDC exploration and implementation was particularly lauded.
Prior to partnering with the NBG on the digital lari project, Ripple had already established collaborative relationships with organizations interested in exploring CBDC implementations.
Notably, Ripple had previously teamed up with Banco de la República, Colombia’s central bank, to explore the applications of blockchain technology in its digital peso pilot, leveraging the Ripple CBDC Platform.
The selection of Ripple as the technology partner for Georgia’s digital lari project underscores the growing importance of blockchain technology and CBDCs in modernizing financial systems and fostering innovation in the global economy.
This partnership marks a significant step forward in the development and adoption of digital currencies by central banks worldwide.
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