Ripple to Power Central Bank of Georgia’s Digital Currency, Digital Lari
The National Bank of Georgia (NBG) has selected Ripple Labs Inc., a leading blockchain payments platform, as its official technology partner to develop Digital Lari, its central bank digital currency (CBDC) project.
Ripple said in a statement that the partnership will encompass the implementation and deployment of the Digital Lari pilot initiative through the Ripple CBDC platform. The National Bank of Georgia will use this innovative CBDC platform to evaluate the potential applications of Digital Lari, determining its benefits for the government sector, businesses and individual users.
Before being named NBG’s technology partner, Ripple underwent a thorough and meticulous selection process. In September, the National Bank of Georgia revealed plans to advance its CBDC project by introducing a limited-access live pilot environment. Therefore, he chose to select a single technology collaborator for the initiative.
During the initial phase of the process, the National Bank of Georgia carefully selected nine companies for their technological prowess, maturity, capabilities, relevant experience and desire to participate in the practical evaluation. Among these, Ripple was featured alongside notable entities such as AUGENTIC GmbH, Bitt Inc., Broxus Holdings Ltd., Currency Network Ltd., DCM Corp Limited and others.
Ultimately, Ripple was the preferred protocol for the Digital Lari initiative. The selection committee considered various factors, including a thorough understanding of the project’s objectives, its potential applications, and a strong dedication to the project’s triumph, as outlined in NBG’s announcement.
Related: Swiss wholesale CBDC pilot project starts in alliance with central and commercial banks
In July, Ripple received recognition from Currency Research for its contributions to the advancement of digital currency and the best sustainability initiative, particularly for its role in promoting innovation in the CBDC space.
Prior to partnering with NBG for the Digital Lari initiative, Ripple had proactively aligned itself with organizations looking to delve into CBDC implementation. Ripple previously partnered with the Central Bank of Colombia, Banco de la República, to study applications of blockchain technology in its Digital Peso pilot project, leveraging the Ripple CBDC platform.
Review: Are CBDCs kryptonite for crypto?
