National Bank of Georgia taps Ripple for CBDC pilot
The National Bank of Georgia has selected US-based fintech Ripple as its official technology partner for its digital lari pilot project.
Ripple selected by Georgia for CBDC pilot
Utilising Ripple’s central bank digital currency (CBDC) platform, Georgia’s central bank aims to explore use cases and potential benefits of having a digital currency for the public sector, businesses and retail users.
Following a “competitive” selection process, the central bank says it chose Ripple for the pilot owing to its “deep understanding of the project’s purposes and use cases, as well as a full commitment to the project’s success, sustainable business continuity, clear project development roadmap, and gradual deployment approach to use-cases”.
The central bank also mentions Ripple’s experience in conducting such pilots as one of the factors leading to its eventual selection. Just this year, Ripple partnered up with the Republic of Palau, Colombia, and Montenegro for similar pilot projects.
Alongside existing pilot projects with five countries, including Hong Kong and Bhutan, Ripple claims it is in similar discussions with over 20 countries around the world.
Commenting on the partnership, James Wallis, VP of central bank engagements at Ripple, says: “By harnessing the power of the Ripple CBDC platform, this pilot will pave the way for transformative advancements in the utilisation of blockchain technology within the public sector.”
