San Francisco-based blockchain company Ripple has been selected by the National Bank of Georgia (NBG) as its key collaborator for the Digital Lari (GEL) pilot project.
This tie-up is set to shape the next phase of digital currency development in Georgia.
Focusing on utility
The collaboration between Ripple and NBG seeks to assess the former's CBDC technology for potential application within the Georgian economy.
This pilot will scrutinize its utility in serving diverse sectors, including the public sector, businesses, and individual consumers. Ripple's selection by the NBG was the outcome of a rigorous evaluation process.
The bank emphasized Ripple's comprehensive understanding of the project and its history of managing similar endeavors.
Ripple's James Wallis has recognized the proactive stance of NGB toward blockchain innovations in his statement.
Ripple's global CBDC endeavors
Ripple's CBDC platform has been designed to offer a cohesive solution for central banks and governments to navigate the intricacies of digital currency management.
This platform, which is underpinned by the XRP Ledger (XRPL), aims to simplify the creation, transaction, and governance of CBDCs.
Apart from the recent Georgia commitment, Ripple has been involved in pilot ventures in nations including Bhutan, Palau, Montenegro, Colombia, and Hong Kong.
Yuri Molchan
Vladislav Sopov
Gamza Khanzadaev
