The Central Banking Authority of Georgia is set to utilize the Central Bank Digital Currency (CBDC) infrastructure. Their objective is to thoroughly assess the benefits of the digital lari for various stakeholders, including government, corporate, and retail sectors.
The National Bank of Georgia (NBG) has made a significant decision. They have selected Ripple Labs, a blockchain-based payment network, to be their official technology collaborator.
Notably, this collaboration is specifically aimed at developing the digital lari, which is the central bank’s digital currency (CBDC) initiative.
Ripple’s Collaboration with the National Bank of Georgia for Digital Lari CBDC Pilot Program
In an official statement, Ripple has made a significant announcement. This announcement outlines the scope of their collaboration, which will involve the implementation and deployment of the digital lari pilot program through the Ripple CBDC Platform.
Importantly, the National Bank of Georgia (NBG) will actively utilize this innovative CBDC platform. Their primary objective is to evaluate the potential applications of the digital lari and determine its advantages for government entities, businesses, and individual retail users.
Moreover, Ripple went through a rigorous and meticulous selection process before being designated as the NBG’s technology partner. In September, the NBG unveiled its plans to advance the CBDC project by introducing a limited-access live pilot environment.
Additionally, in the initial phase of the selection process, the NBG conducted a meticulous evaluation and shortlisted nine companies.
Their assessment criteria were comprehensive. The evaluation process involved specific criteria. This included a thorough examination of the companies’ technological expertise, maturity, capabilities, and relevant experience. Additionally, their willingness to participate in the practical evaluation was a key factor.
Notably, Ripple was among the chosen few, standing alongside Augentic, Bitt Inc., Broxus, Currency Network, DCM Corp, and other prominent entities.
The selection committee carefully considered several factors. Notably, these factors encompassed a deep understanding of the project’s objectives and its potential applications.
Moreover, the committee sought a strong dedication to the project’s success, as all of this was meticulously detailed in the NBG’s official announcement.
Ripple’s Recognition for Advancing Digital Currencies and Sustainable Initiatives
In July, Ripple garnered recognition from Currency Research. This recognition was due to its significant contributions to the advancement of digital currencies.
Furthermore, Ripple was lauded for its outstanding sustainability initiative. This recognition was bestowed upon Ripple for its pivotal role in driving innovation within the realm of CBDCs.
Prior to joining forces with the NBG for the digital lari project, Ripple had proactively established partnerships with organizations keen on delving into CBDC implementations.
Moreover, Ripple had previously collaborated with Banco de la República, Colombia’s central bank. They collaborated effectively to explore the applications of blockchain technology in the digital peso pilot. This collaboration involved leveraging the capabilities of the Ripple CBDC Platform.
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