The National Bank of Georgia (NBG) has chosen Ripple, a leader in enterprise blockchain and crypto solutions, as the official technology partner for its Digital Lari (GEL) pilot project. This strategic partnership between the National Bank of Georgia and Ripple aims to explore the potential of Ripple’s Central Bank Digital Currency (CBDC) technology to benefit the public sector, businesses, and retail users.
Ripple’s selection was announced following a competitive selection process, with the NBG highlighting key reasons for its choice. The decision was influenced by Ripple’s deep understanding of the project’s objectives and use cases, a strong commitment to project success, a clear development roadmap, and a gradual approach to use-case deployment. Additionally, the NBG recognized Ripple’s extensive experience in conducting real-life pilot projects, ranging from CBDC digital infrastructure to smart contracts and tokenization.
Ripple’s CBDC solution, known as the Ripple CBDC Platform, stands out for providing a comprehensive end-to-end solution for central banks, financial institutions, and governments. It enables the issuance, management, and secure transaction of Central Bank Digital Currencies (CBDCs). The platform is built on the XRP Ledger (XRPL), an energy-efficient and open-source blockchain.
Natia Turnava, Acting Governor and Member of the Board of the National Bank of Georgia, expressed the bank’s enthusiasm for selecting Ripple as the official technology partner. The decision was made after a rigorous review of all shortlisted parties, with Ripple’s technical excellence and team expertise being significant factors.
James Wallis, VP of Central Bank Engagements at Ripple, emphasized the National Bank of Georgia’s pioneering role in exploring blockchain technology’s potential in the digital economy. He believes that this pilot project, powered by the Ripple CBDC Platform, will drive innovation, efficiency, and transparency in blockchain transactions within the public sector.
The selection of Ripple as the sole technology partner comes after a comprehensive evaluation of nine shortlisted companies. Now, the NBG is poised to enter the pilot phase, where it will test the Ripple CBDC platform in a live environment to evaluate specific use cases.
To learn more about the Digital Lari pilot program and its roadmap, you can refer to the official white paper. For additional information on the Ripple CBDC Platform, visit: Ripple CBDC Platform.
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