In a significant development, Ripple has been announced as the official technology partner of the National Bank of Georgia's Digital GEL (Lari) Central Bank Digital Currency (CBDC) pilot project.
The announcement was made in a press release published today.
The selection process involved a competition in two stages, the first stage was the submission of a Project Execution Plan (PEP) by shortlisted candidates and the second stage was the demonstration of technology solutions.
The committee, consisting of internal and external experts from the National Bank of Georgia, selected cryptocurrency company Ripple based on its understanding of the project's objectives and use cases, commitment to the success of the project, clear project development roadmap, consistent use cases phased deployment approach, and business continuity best practices .
Ripple is known for its cross-border payment network that helps financial institutions integrate blockchain technology and mint digital assets. The company's CBDC platform is known for providing comprehensive end-to-end solutions to central banks, financial institutions and governments. Currently, Ripple is running five pilot programs with various governments and central banks around the world.
NBG Deputy Chairman Natia Turnava expressed her satisfaction with Ripple's selection as the official technology partner for the Digital Lari (GEL) pilot project. He praised Ripple for its technical excellence and team expertise.
Ripple Vice President of Central Bank Relations James Wallis praised the National Bank of Georgia for its global leadership in exploring the potential of blockchain technology to transition its economy into the digital age. He emphasized that the partnership with NBG underlines Ripple's commitment to increasing innovation and efficiency.
Next steps include joint planning between the central bank and Ripple for the execution of the project and a gradual rollout plan.
*This is not investment advice.