Ripple Chosen to Power Georgia CBDC
03 Nov, 2023 ● Coin news
The National Bank of Georgia (NBG) has named Ripple Labs as its official technology partner for the development of digital lari, its central bank digital currency (CBDC) project.
Ripple stated in a statement that the partnership would include the implementation and deployment of the digital lari pilot initiative via the Ripple CBDC Platform.
The NBG will use this cutting-edge CBDC platform to assess the potential applications of the digital lari, determining its benefits to the government sector, businesses, and individual retail users.
Ripple was chosen as NBG's technology partner after a thorough and meticulous selection process.
The NBG announced its intention to advance its CBDC project in September by introducing a limited access live pilot environment.
The NBG selected nine firms for their technological prowess, maturity, capability, relevant background, and eagerness to participate in the practical assessment during the initial process stage.
Ripple was listed alongside Augentic, Bitt Inc., Broxus, Currency Network, DCM Corp, and other companies.
According to the NBG announcement, the selection committee considered a variety of multiple factors, including comprehension of the project's objectives, potential applications, and a strong commitment to the project's success.
Ripple was recognized by Currency Research in July for its contributions to digital currency advancement and best sustainability initiative, particularly for its role in fostering innovation in the CBDC space.