In a recent development, Ripple has been selected by the National Bank of Georgia (NBG) as the official technology partner for its Digital Lari (GEL) pilot project.
The collaboration aims to explore the potential benefits and use cases of Ripple’s Central Bank Digital Currency (CBDC) platform for the public sector, businesses, and retail users.
Ripple’s expertise and commitment to the project’s success were key factors in its selection, as announced by the NBG.
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According to the announcement, the National Bank of Georgia chose Ripple after a “rigorous selection process” involving nine shortlisted companies.
Ripple stated that the company’s “deep understanding” of the project’s objectives, extensive experience in real-life pilot deployments, and comprehensive CBDC solution, were instrumental in securing the partnership.
As announced, the platform provides a holistic end-to-end solution that enables central banks and financial institutions to “seamlessly” mint, manage, transact, and redeem CBDCs.
With the selection phase completed, the NBG is set to commence the pilot stage, testing the Ripple CBDC platform in a live environment to evaluate select use cases.
Per the announcement, the partnership also aligns with Ripple’s broader strategy of driving innovation and efficiency in blockchain-based transactions
Ripple’s partnership with the National Bank of Georgia adds to its growing portfolio of CBDC pilots with governments and central banks worldwide. The company has already announced pilot programs with countries such as Bhutan, Palau, Montenegro, Colombia, and Hong Kong, and is in discussions with over 20 other countries.
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Central Bank Digital Currencies provide digital versions of fiat currencies, eliminating concerns over price volatility as their values remain fixed.
China and India have launched CBDC pilots. China’s CBDC pilot is one of the most successful, with over 260 million wallets in use.
Given these developments, Ripple’s valuation reached over $15 billion in 2023, and its partnership with multiple governments for CBDC pilots demonstrates its influence on this matter.
Overall, Ripple’s partnership with the National Bank of Georgia for the Digital Lari pilot project marks an important milestone in the adoption of blockchain technology in the public sector.
Through the utilization of the company’s CBDC platform, the NBG aims to evaluate the practical applications and benefits of digital currency for stakeholders.
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