The National Bank of Georgia (NBG) has embarked on a pioneering journey into the digital currency space by selecting Ripple, a prominent enterprise blockchain and crypto solutions provider, as its partner for the Digital Lari pilot project. This collaboration is set to explore the capabilities of Ripple’s Central Bank Digital Currency (CBDC) platform, assessing its potential to revolutionize the public sector, business transactions, and retail usage.
Ripple emerged as the technology partner of choice for the NBG after a competitive review process. The bank’s decision was influenced by Ripple’s comprehensive understanding of the project’s objectives, its commitment to success, and a clear, phased approach to deploying use cases. Ripple’s track record in executing real-world pilot projects, encompassing core CBDC infrastructure to advanced applications like smart contracts and tokenization, further solidified its position.
The Ripple CBDC Platform, recognized for its innovation, offers an integrated solution for central banks to efficiently create, manage, and transact digital currencies. It is underpinned by the XRP Ledger, known for its energy efficiency and open-source architecture.
According to Ripple’s press release, Natia Turnava, Acting Governor of the NBG, expressed confidence in Ripple’s technical prowess and the expertise of its team, which were pivotal in their selection. James Wallis, VP of Central Bank Engagements at Ripple, commented on the partnership, highlighting the NBG’s initiative to leverage blockchain for economic digitalization. He emphasized that the pilot project would set the stage for significant advancements in blockchain applications within the public sector.
The selection of Ripple concluded after a rigorous assessment of nine contenders, with the NBG now preparing to test the Ripple CBDC platform in a real-world environment to evaluate specific use cases.
Ripple’s involvement in CBDC projects is not limited to Georgia; the company has announced similar pilot programs with governments and central banks in Bhutan, Palau, Montenegro, Colombia, and Hong Kong. Ongoing discussions with over 20 countries underscore Ripple’s growing influence in the CBDC space.
