NBG will now begin the pilot phase and test the Ripple CBDC platform in a live environment to evaluate select use cases.
The National Bank of Georgia (NBG) has chosen blockchain and crypto solutions provider Ripple as a technology partner in its central bank digital currency.CBDC) pilot project. The Digital Lari (GEL) project will use Ripple’s CBDC technology – powered by the XRP Ledger (XRPL) – to investigate practical use cases and potential benefits of CBDCs for the public sector, businesses and retail users.
in its official AnnouncementThe central bank said it chose Ripple due to its “deep understanding of the project objectives and use cases, as well as its full commitment to project success, sustainable business continuity, clear project development roadmap and gradual deployment approach for use.” Was. -cases.” It added that the company, which went through a competitive selection process, has “experience in conducting real-life pilot project deployments, from primary CBDC digital infrastructure to smart contracts and tokenization.”
Natia Turnava, Acting Governor and Member of the Board of the National Bank of Georgia, Said Of Partnership:
“After a thorough review of all shortlisted parties we are pleased to select Ripple as the official technology partner for our Digital Lari (GEL) pilot project. The committee chose Ripple because of its technical excellence and the expertise of its team. While we look forward to moving forward with Ripple, we are grateful to all other participating companies for their interest and efforts in the selection process.
The blockchain solutions provider was selected from among nine shortlisted companies that were tested on their ability to effectively support the project. With the technology partner now selected, NBG will now begin the pilot phase and test the Ripple CBDC platform in a live environment to evaluate select use cases.
James Wallis, Vice President of Central Bank Engagement at Ripple, said:
“By harnessing the power of the Ripple CBDC platform, this pilot will pave the way for transformational advancements in the use of blockchain technology within the public sector. Our partnership with NBG reflects our commitment to fostering innovation and efficiency, ultimately empowering public and private entities to unlock the full potential of secure and transparent blockchain transactions.
Ripple is working on five CBDCs with governments and central banks in Bhutan, Palau, Montenegro, Colombia, and Hong Kong. It is also in talks with more than 20 countries around the world.
Mercy Mutanya is a tech enthusiast, digital marketer, author and IT Business Management student. She enjoys reading, writing, doing crossword puzzles, and watching her favorite TV series.
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