Ripple to power Georgia’s central bank digital currency, the digital Lari
The National Bank of Georgia (NBG) has selected Ripple Labs Inc., a leading blockchain payments platform, as the official technology partner for developing Digital Lari, their central bank digital currency (CBDC) project.
Ripple said in a statement that the partnership will encompass the implementation and deployment of the Digital Lari pilot initiative through the Ripple CBDC Platform. The National Bank of Georgia will utilize this innovative CBDC platform to evaluate potential applications of the Digital Lari, determining its advantages to the government sector, enterprises, and individual retail users.
Before being designated as NBG’s technology partner, Ripple underwent a thorough and meticulous selection procedure. In September, the National Bank of Georgia disclosed its intentions to advance its CBDC project by introducing a Limited Access Live Pilot Environment. Consequently, it opted to select a sole technology collaborator for the initiative.
In the initial process stage, the National Bank of Georgia thoughtfully chose nine firms for their technological prowess, maturity, capability, relevant background, and eagerness to participate in the practical assessment. Among these, Ripple was included alongside notable entities such as AUGENTIC GmbH, Bitt Inc., Broxus Holdings Ltd., Currency Network Ltd., DCM Corp Limited, and others.
Ultimately, Ripple was the preferred protocol for the Digital Lari initiative. The selection committee considered various factors, including a profound comprehension of the project’s objectives, its potential applications, and a solid dedication to the project’s triumph, as stated in NBG’s announcement.
Related: Swiss wholesale CBDC pilot kicks off in alliance with central, commercial
Read more on cointelegraph.com
