The National Bank of Georgia affirms Ripple’s expertise in CBDC development by selecting the company as its technology partner for the digital Lari pilot.
The National Bank of Georgia (NBG) has selected San Francisco-based company Ripple Labs as its technology partner for the digital Lari (GEL) pilot project.
Today, we announce a partnership with the National Bank of Georgia (NBG) on the Digital Lari (GEL) pilot project. The pilot will leverage Ripple’s award-winning #CBDC Platform to evaluate practical use cases & benefits for the public sector & businesses.🇬🇪 https://t.co/rtE3zxlAkm
— Ripple (@Ripple) November 2, 2023
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According to a blog post yesterday, the pilot program will be planned and executed using Ripple’s central bank digital currency (CBDC) platform.
Notably, the partnership will explore the potential use cases and benefits of Ripple’s CBDC platform in the public and business sectors.
Ripple Selected Out of Nine Candidates
Per the announcement, the Bank of Georgia selected Ripple for its CBDC pilot program after conducting an intense selection process, leading to the assessment of nine shortlisted candidates.
Interestingly, the Bank of Georgia chose Ripple due to the company’s knowledge of the project’s use cases and its experience undertaking similar initiatives.
Furthermore, Ripple’s CBDC platform also played a pivotal role in the selection process. The platform, which launched in May, allows governments and financial institutions to “mint, manage, transact and redeem CBDCs.”
Commenting on the development, Natia Turnava, the Acting Governor of NBG, confirmed that the bank selected Ripple based on its technical excellence.
Ripple’s VP of Central Bank Engagements, James Wallis, also commented on the development. Wallis stated that the partnership demonstrates Ripple’s commitment to empowering both public and private entities to achieve their set goals.
Launched in May 2023, Ripple’s CBDC platform was designed to help governments, financial institutions, and central banks navigate the complexities of CBDC management. Powered by the XRP Ledger (XRPL), the platform is an enhanced version of Ripple’s private ledger, a solution introduced in 2021 for the issuance of CBDC.
Ripple Selected in Multiple CBDC Projects
Top financial institutions have continued recognizing Ripple’s technological prowess and expertise in CBDC development.
The company has been selected for different CBDC pilot projects in various nations, including Bhutan, Montenegro, Hong Kong, Montenegro, and Colombia. According to Ripple, the company is in talks with governments and central banks of over 20 countries for digital currency programs.
Interestingly, the Central Bank of Colombia and the Hong Kong Monetary Authority (HKMA) specifically utilize Ripple’s CBDC platform for these pilot ventures.
As reported earlier, Ripple’s CBDC Platform is currently being used to create the hypothetical e-HKD, the digital version of the Hong Kong dollar.
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