Through the agreement, the Ripple CBDC Platform will be used by the National Bank of Georgia and Ripple to jointly design the pilot program’s implementation and delivery.
For its Digital Lari (GEL) pilot project, the National Bank of Georgia (NBG) has selected Ripple, a pioneer in business blockchain and cryptocurrency solutions, as its official technical partner. Through the pilot, Ripple’s CBDC technology will be tested, and the useful use cases will be assessed to determine the possible advantages for the public sector, companies, and retail consumers.
NBG revealed earlier today that Ripple had been selected after a competitive procedure. NBG stated in its release that Ripple was selected to assist with their national digital currency pilot because of their “strong understanding of the project’s aims and use cases, as well as a whole dedication to the project’s success, long-term business continuity, a precise project development plan, and a methodical approach to use-case implementation.” Ripple’s “experience in conducting real-life pilot project deployments, ranging from primary CBDC digital infrastructure to smart contracts and tokenization” was also noted by NBG.
The capacity of Ripple’s CBDC Platform, which has won multiple awards, to offer a comprehensive end-to-end solution that makes it easy for governments, financial institutions, and central banks to mint, manage, transact, and redeem CBDCs made it stand out. The open-source, energy-efficient XRP Ledger (XRPL) blockchain powers the technology.
Natia Turnava, Acting Governor and Board Member of the National Bank of Georgia, commented on the choice of Ripple, saying: “We were thrilled to chose Ripple as the official technology partner for our pilot project for Digital Lari (GEL) after carefully evaluating each candidate on the shortlist. The committee chose Ripple because of its team’s experience and superior technical capabilities. We are excited to work with Ripple going forward and appreciate all of the other participating companies’ interest and hard work during the selection process.
“The National Bank of Georgia is taking a global lead in exploring how it can use blockchain technology to take its economy into the digital era,” said James Wallis, vice president of partnerships for Ripple’s Central Bank. This pilot project will open the door for revolutionary developments in the application of blockchain technology in the public sector by leveraging the capabilities of the Ripple CBDC Platform. Our collaboration with NBG serves as evidence of our dedication to fostering efficiency and innovation, enabling public and private organizations to fully realize the promise of safe and transparent blockchain transactions in the end.
After a thorough evaluation process in which nine shortlisted businesses were evaluated based on their ability to assist the pilot, Ripple was selected as NBG’s lone technology partner. After completing the selection process, NBG will proceed to the pilot stage, where they will test the Ripple CBDC platform in a real-world setting and assess specific use cases.
In addition to talks with more than 20 nations worldwide, Ripple has announced five pilot initiatives with governments and central banks in Bhutan, Palau, Montenegro, Colombia, and Hong Kong. Visit the official website to find out more about the Digital Lari pilot program and its schedule.