- The National Bank of Georgia (NBG) has selected Ripple as its technology partner for a Digital Lari (GEL) pilot program to test potential CBDC use cases and benefits.
- Ripple was chosen after a competitive process due to its CBDC expertise, commitment to the project, development roadmap, and experience with real-world CBDC pilots.
- The partnership will allow NBG and Ripple to evaluate the Ripple CBDC Platform for public sector applications, business use cases, and retail user benefits.
The National Bank of Georgia has selected Ripple to help execute a pilot program for the Digital Lari, Georgia’s central bank digital currency. The partnership will allow both organizations to evaluate potential use cases and benefits.
Partnership Details
The National Bank of Georgia (NBG) has chosen Ripple as the official technology partner for its Digital Lari (GEL) pilot project. The pilot will experiment with Ripple’s CBDC technology to gauge potential benefits for the public sector, businesses, and retail users.
Ripple was selected after a competitive process. NBG chose Ripple due to its deep understanding of the project’s purposes and use cases. Additional factors included Ripple’s commitment to the project’s success, clear development roadmap, and experience with real-life CBDC pilot deployments.
Ripple’s CBDC Solution
Ripple’s award-winning CBDC solution, the Ripple CBDC Platform, provides an end-to-end solution for central banks, financial institutions, and governments to manage CBDCs. The platform is powered by the energy-efficient, open-source XRP Ledger.
Quotes on the Partnership
Natia Turnava, Acting Governor of NBG, said: “We were pleased to select Ripple as the official technology partner for our Digital Lari pilot project. The committee selected Ripple due to its technical excellence and expertise.”
James Wallis, VP of Central Bank Engagements at Ripple, said: “Our partnership with NBG demonstrates our commitment to driving innovation and efficiency, empowering entities to unlock the potential of blockchain transactions.”
Next Steps
Ripple was chosen after a selection process involving nine shortlisted companies. Now NBG will move to the pilot stage to test Ripple’s platform and evaluate use cases.
Ripple has five other CBDC pilot programs underway and is in discussions with over 20 countries. To learn more, visit ripple.com/solutions/central-bank-digital-currency.
Conclusion
The partnership between Ripple and the National Bank of Georgia will allow for experimentation with CBDC technology. By leveraging Ripple’s solutions, the pilot aims to pave the way for advancements in utilizing blockchain for the public sector.
