The National Bank of Georgia has chosen Ripple as its technology partner for the country’s CBDC project, Digital Lari (GEL). The partnership will involve joint planning and execution of the pilot program. Ripple’s CBDC Platform, powered by XRP Ledger (XRPL), will be utilized for the implementation of GEL.

Ripple has been gaining significant traction in terms of adoption, with central banks, financial institutions, and governments integrating its cross-border payment technology. The latest development in this regard is the partnership with the National Bank of Georgia.

Notably, the announcement of the collaboration coincided with the Dubai Financial Services Authority’s approval of Ripple’s XRP for integration into digital asset services.

Georgia Selects Ripple as Its Partner for the Digital Lari Pilot Program

As per the official announcement, Ripple has been chosen as the central bank’s official technology partner for the Digital Lari (GEL) project. The selection process involved shortlisted parties submitting a Project Execution Plan (PEP) and showcasing their technology in a demonstration.

Natia Turnava, the acting governor of the NBG, stated, “The committee selected Ripple due to its technical excellence and the expertise of its team. We look forward to moving ahead with Ripple and we are grateful to all other participating companies for their interest and efforts in the selection process.”

The pilot program’s testing phase will employ Ripple’s CBDC technology to assess the practical use cases and potential benefits of GEL for the public, businesses, and retail users.

Ripple currently has pilot programs underway with various governments and central banks, including Bhutan, Hong Kong, Palau, Montenegro, and Colombia. Additionally, the company is engaged with more than 20 countries worldwide.

It is important to note that Ripple’s CBDC technology operates on the XRP Ledger (XRPL).

Summary

Georgia’s central bank, the National Bank of Georgia, and Ripple have joined forces for the implementation of the Digital Lari (GEL) pilot program. Ripple’s CBDC Platform, which uses XRP Ledger (XRPL), will be leveraged for this initiative. The partnership signifies Ripple’s increasing adoption by central banks, financial institutions, and governments worldwide.

FAQs

1. What is the Digital Lari (GEL) pilot program?

The Digital Lari pilot program is an initiative by the National Bank of Georgia to explore the implementation of a central bank digital currency (CBDC) called Digital Lari.

2. Why did the National Bank of Georgia choose Ripple as its technology partner?

Ripple was selected as the technology partner due to its technical excellence and the expertise of its team. The National Bank of Georgia recognized Ripple’s capabilities in implementing CBDC technology.

3. Which countries are currently piloting Ripple’s CBDC technology?

Ripple is currently conducting pilot programs with various countries, including Bhutan, Hong Kong, Palau, Montenegro, and Colombia. The company is also engaged with more than 20 countries globally.