Ripple: Key Partner for Georgia’s Digital Lari Project
- Ripple has been chosen as the technology partner for the National Bank of Georgia’s (NBG) ‘Digital Lari (GEL)’ digital currency project.
- The National Bank of Georgia unveiled its plan in September to progress with the implementation of a central bank digital currency (CBDC).
- In the race to digitize the Georgian currency, Ripple stood out among nine leading technology companies.
While Ripple is currently embroiled in a monumental legal battle against the SEC, the project is becoming a key player in the development of Georgia’s central bank digital currency. Indeed, the National Bank of Georgia (NBG) has partnered with Ripple Labs for its central bank digital currency (CBDC) project, the Digital Lari.
According to the official statement, Ripple was selected as the technology partner because their CBDC platform, powered by the XRP Ledger, offers a comprehensive solution for central digital currency management.
‘The partnership will see the National Bank of Georgia and Ripple jointly plan the execution and delivery of the pilot program using the Ripple CBDC platform.’
– National Bank of Georgia
This collaboration aims to establish a digital version of the Lari that will not only simplify financial transactions for Georgian citizens, but also seek to enhance financial inclusion in underserved regions.
Ripple Emerges Victorious from a Selective Process
The National Bank of Georgia meticulously chose Ripple from nine companies to become their technology partner for the pilot project.
This selection was announced after the bank expressed its desire in September to move forward with an operational ‘pilot environment’.
In the end, Georgia’s initiative, with the support of Ripple, could serve as a model for other nations seeking to digitalize their currency.