The National Bank of Georgia (NBG) has officially partnered with Ripple to serve as the technology provider for its Central Bank Digital Currency (CBDC), the Digital Lari. This strategic partnership aims to begin a new era of financial innovation and efficiency in the country.
Ripple chosen to power Georgia’s Digital Lari
The selection process for selecting the technology partner for the CBDC was a rigorous process. Ripple was picked among other competitors in the crypto sector. They released a research paper in September end that listed nine distinguished companies.
Ripple’s technical expertise, successful pilots, and established CBDC infrastructure played a pivotal role in its selection. The National Bank of Georgia highlighted Ripple’s deep understanding of the CBDC’s objectives and use cases.
Georgia’s Journey Towards the Digital Era
Ripple’s CBDC platform which is powered by its XRP Ledger provides a secure and user-friendly solution for Central Banks, and governments for their CBDC projects. This technology-driven platform will pave the way for blockchain technology advancements in both the public and private sectors.
The Central Bank expects that this partnership will position Georgia’s economy firmly in the digital era. The Digital Lari project aims to benefit Georgia and all parties involved.
Ripple’s impact globally for CBDCs
Ripple’s influence extends beyond Georgia. The company is currently in discussions with 20 countries to partner in their CBDC pilot programs. Those countries include Colombia, Hong Kong, Montenegro, Bhutan, and Palau.
Ripple’s efforts in advancing digital currency have not gone unnoticed. The company was recently honored at the 2023 Digital Currency Conference for its sustainability initiatives and its contributions to the blockchain sector.
Georgia’s partnership with Ripple to power the Digital Lari is a significant step towards transforming the country’s financial sector. It serves as an example for countries looking to pivot their financial landscape in this digital era.
Commitment to innovation position can position many developing economies at the forefront of the digital era. They can truly reshape their cross-border payments.