Crypto Giant Ripple Collaborates with National Bank of Georgia for CBDC Pilot Project

Crypto Giant Ripple Collaborates with National Bank of Georgia for CBDC Pilot Project

Crypto News – The National Bank of Georgia, in collaboration with the blockchain payments company Ripple, has initiated a pilot project for the development of Georgia’s central bank digital currency (CBDC).

The pilot program, led by the National Bank of Georgia (NBG), will leverage Ripple’s CBDC Platform to explore the practical applications of a “digital lari” CBDC for various sectors, including the public, businesses, and retail users within the country. Currently in its early stages, the project is set to progress to live testing of Ripple’s CBDC platform, as indicated in an official statement.

The NBG’s choice of Ripple as its primary CBDC partner is rooted in Ripple’s in-depth understanding of the project’s objectives and potential use cases, as well as their unwavering commitment to the project’s success. Furthermore, the NBG has underscored Ripple’s extensive experience in implementing real-life pilot projects, encompassing various aspects from fundamental CBDC digital infrastructure to smart contracts and tokenization.

James Wallis, Vice President of Central Bank Engagements at Ripple, expressed, “By harnessing the capabilities of the Ripple CBDC Platform, this pilot program is poised to usher in transformative advancements in the adoption of blockchain technology within the public sector.”

This recent partnership announcement on Friday marks another addition to Ripple’s portfolio of CBDC initiatives, which already includes involvement in five other pilot programs with central banks in Bhutan, Palau, Montenegro, Colombia, and Hong Kong.