Ripple will support the digital currency of the Georgian central bank
The National Bank of Georgia will evaluate the advantages of the digital lari for the public sector, private sector, and individual consumers using the CBDC platform.
The National Bank of Georgia (NBG) has chosen Ripple Labs, a blockchain payments network, to be its official technical partner in creating digital lari, the country’s central bank digital currency (CBDC).
Ripple stated in a statement that as part of the agreement, the Ripple CBDC Platform will be used to roll out a pilot program for a digital currency called the lari. The NBG plans to use this cutting-edge CBDC platform to assess the digital lari’s potential uses, including its benefits to the public sector, businesses, and consumers.
Ripple was carefully chosen after an extensive evaluation process to become NBG’s technological partner. The NBG announced in September that it will launch a live trial environment with restricted access to move the CBDC initiative forward.
The NBG selected nine companies for further consideration based on their demonstrated technical competence, maturity, competency, relevant history, and enthusiasm to take part in a hands-on evaluation. Along with Augentic, Bitt Inc., Broxus, Currency Network, and DCM Corp, Ripple was also listed.
According to NBG’s release, the selection committee took into account a variety of elements, such as an understanding of the project’s goals, its possible applications, and a strong commitment to the project’s success.
Ripple was honored by Currency Research in July for its role in promoting innovation in the field of CBDCs, as well as for its contributions to digital currency progress and best sustainability project.
Ripple has already been strategically engaged with enterprises venturing into CBDC implementations before it partnered with the NBG on the digital lari initiative. Using the Ripple CBDC Platform, Ripple collaborated with Banco de la Repblica, Colombia’s central bank, to study the potential of blockchain technology in the country’s digital peso pilot.