Georgia National Bank Partners with Ripple to Host New Digital Lari CBDC Pilot The National Bank of Georgia
(NBG) has partnered with Ripple as the official technology provider for its Central Bank Digital Currency (CBDC) pushing for a pilot in the near term. In a Nov 2 press release,
blockchain payment firm Ripple announced that it has been selected to power the Digital Lari following a competitive process.
The bank explained
that the firm was selected because of its technical expertise around the sector with previous pilot deployments, and primary CBDC infrastructure and
can lead to a successful development.
“… deep understanding of the project’s purposes and use cases, as well as full commitment to the project’s success, sustainable business continuity, clear project development roadmap, and gradual deployment approach to use-cases.”
Per the announcement,
Ripple and the Bank of Georgia will plan for the execution and delivery leveraging on the former’s CBDC platform to offer use cases for public, private, wholesale, and retail customers. The move is expected to drive innovation in the country with financial institutions onboard in future pilots to take the economy to a new era and improve local and cross-border monetary settlements.
The NBG previously chose nine firms for their technical expertise and support for CBDCs
as the country aims to toe the line of other nations.
