- The National Bank of Georgia has partnered with Ripple Labs.
- Ripple’s selection as the technology partner has resulted from a rigorous and meticulous process.
- Ripple has been actively involved in exploring CBDC implementations with other organizations.
As the cryptocurrency industry continues to innovate, many countries have begun to take notice. With a focus on the future of digital finance, the National Bank of Georgia (NBG) has taken a significant step by choosing Ripple Labs as its official technology partner for their Central Bank Digital Currencies (CBDCs) project.
NBG Selects Ripple for Exciting Digital Lari Deployment
In an official statement, Ripple announced that the partnership would involve the implementation and deployment of the Digital Lari pilot initiative using the Ripple CBDC Platform. The NBG will use this innovative CBDC platform to assess potential applications of the Digital Lari and determine its benefits for the government, businesses, and individual retail users.
Ripple underwent a rigorous and meticulous selection process before being designated as the NBG’s technology partner. In September, the NBG revealed its plans to advance its CBDC project by introducing a limited-access live pilot environment.
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In the initial phase of the process, the NBG selected nine firms based on their technological expertise, maturity, capabilities, relevant background, and eagerness to participate in the practical assessment. Ripple was chosen alongside Augentic, Bitt Inc., Broxus, Currency Network, DCM Corp, and others.
The selection committee took into account various factors, including a deep understanding of the project’s objectives, its potential applications, and a strong commitment to the project’s success, as outlined in the NBG’s announcement.
Ripple Honored by Currency Research for CBDC Innovations
In July, Ripple received recognition from Currency Research for its contributions to advancing digital currencies and its outstanding sustainability initiative, particularly for fostering innovation in CBDCs.
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Before partnering with the NBG for the Digital Lari project, Ripple had already established collaborations with organizations interested in exploring CBDC implementations. Previously, Ripple had joined forces with Colombia’s central bank, Banco de la República, to investigate blockchain technology applications in its digital peso pilot, leveraging the Ripple CBDC Platform.
On the Flipside
- The CBDC landscape is highly competitive, with numerous blockchain and fintech companies vying for partnerships with central banks.
- Collaboration between Ripple and Colombia’s central bank to investigate a digital peso pilot indicates Ripple’s commitment to expanding its presence in the CBDC space.
Why This Matters
The partnership between the National Bank of Georgia and Ripple Labs to develop the digital lari is a significant step towards the broader adoption of CBDCs. It showcases the real-world application of blockchain technology in the financial sector, further highlighting the growing relevance of digital currencies in the global economy.
To learn more about Ripple’s legal battle and the revealed flaws in the SEC’s leadership, read here:
Ripple’s Legal Battle Reveals Flaws in SEC’s Leadership
Curious about Visa’s role in spearheading a CBDC pilot program in Hong Kong? Discover the details here:
Visa Spearheads CBDC Pilot Program in Hong Kong
