Ripple Labs Inc. Chosen by Georgia's National Bank to Pilot Digital Lari Project
Summary:
The National Bank of Georgia (NBG) has chosen Ripple Labs Inc., a prominent blockchain payments platform, to develop its central bank digital currency (CBDC), the Digital Lari. Ripple will implement and launch a pilot initiative for the digital currency via the Ripple CBDC Platform. The NBG intends to evaluate the diverse applications and benefits of this digital currency initiative for multiple sectors. Ripple was chosen as NBG's tech partner after a thorough selection process, reflecting its strong understanding of the project’s objectives and unwavering commitment to success.
In a significant technological partnership, the National Bank of Georgia (NBG) has chosen Ripple Labs Inc., a prominent innovator in blockchain payment solutions, to spearhead the development of the Digital Lari, their Central Bank Digital Currency (CBDC) initiative. In a public announcement, Ripple revealed that it would be responsible for executing and rolling out the pilot of the digital currency through the Ripple CBDC Platform. The Georgian bank will make use of Ripple's avant-garde CBDC platform to evaluate the possible applications of the Digital Lari and recognize its potential benefits for government departments, businesses, and individual consumers.
Ripple was appointed as NBG's tech ally following a rigorous and meticulous selection process. In September, the Georgian Bank made public its plans to propel the CBDC initiative forward, culminating in the introduction of a Limited Access Live Pilot Environment. This led the bank to select a singular tech partner for the project.
For this initial selection stage, NBG strategically picked out nine firms owing to their technological expertise, experience, capacity, relevant history, and willingness to undergo assessment. Among those selected were industry heavyweights including AUGENTIC GmbH, Bitt Inc., Broxus Holdings Ltd., Currency Network Ltd., DCM Corp Limited, and others, with Ripple included in this eminent list.
In the final decision, Ripple emerged as the prime choice for the Digital Lari project. The selection committee examined various parameters, including a deep understanding of the project's goals, potential applications, and an unwavering commitment to ensuring the success of the project, as outlined in the NBG’s statement.
Earlier in July, Ripple gained recognition from Currency Research for its significant contribution to the advancement of Digital Currency and for the Best Sustainability Initiative, particularly in connection to its work in stimulating innovation in the CBDC landscape.
Prior to collaborating with the NBG on the Digital Lari project, Ripple had been actively aligning itself with firms exploring CBDC implementations. Notably, Ripple had earlier collaborated with Colombia’s Central Bank, Banco de la República, to research blockchain technology applications in its Digital Peso pilot, utilizing the very same Ripple CBDC Platform.
Published At
11/3/2023 8:32:18 AM
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