Ripple Labs has been chosen as the official partner for the National Bank of Georgia’s Central Bank Digital Currency (CBDC) project, beating out competition from nine other technology companies. The decision was based on Ripple’s track record and deep understanding of the project’s purpose and use cases.
Previously, the National Bank of Georgia had been testing its version of the CBDC in a limited environment. As part of this testing, nine technology companies participated, with one expected to be selected as the main partner for all subsequent stages. After careful observation and monitoring, Ripple Labs Inc. was given the nod to be the official technology partner for the CBDC project, also known as the digital Lari.
One of the main reasons Ripple was chosen for this project is its comprehensive understanding of the project’s purpose and potential use cases. Ripple has a proven track record of deploying real-life pilot projects in various fields, including CBDC digital infrastructure, smart contracts, and tokenization.
The purpose of the testing phase is to ensure that Ripple’s CBDC technology is used to experiment and evaluate the practical use cases of the project. This evaluation will determine the benefits for the general public, businesses, and retail users. Natia Turnava, Acting Governor and Member of the Board of the National Bank of Georgia, expressed her satisfaction with Ripple’s selection, citing their technical excellence and the expertise of their team.
Ripple’s CBDC platform is powered by the XRP Ledger (XRPL) and is highly regarded in the industry. Many key players have praised it for its end-to-end solution, which enables banks, financial institutions, and governments to mint, manage, transact, and redeem CBDC seamlessly. It is worth noting that Ripple was selected over other notable companies, such as eCurrency Mint Inc, Currency Network Ltd, Sovereign Wallet Co., Ltd, DCM Corp Limited, Bitt Inc, AUGENTIC GmbH, Broxus Holdings Ltd, and FARI Solutions Ltd.
James Wallis, VP of Central Bank Engagements at Ripple, commented on the partnership, highlighting the National Bank of Georgia’s leadership in exploring blockchain technology for the country’s digital economy. He emphasized that harnessing the power of the Ripple CBDC Platform would pave the way for transformative advancements in blockchain technology within the public sector.
Ripple has already announced five pilot programs with other countries like Bhutan, Palau, Montenegro, Colombia, and Hong Kong. Additionally, they are in talks with more than 20 other countries. In the case of Georgia’s CBDC, the project will focus on agricultural insurance and the automation of real estate transactions. It will also be compatible with the digital Euro, according to Varlam Ebanoidze, Head of FinTech at NGB.
In conclusion, Ripple’s selection as the official partner for Georgia’s CBDC project is a testament to their expertise and understanding of the technology. The partnership with the National Bank of Georgia will drive innovation and efficiency, unlocking the full potential of secure and transparent blockchain transactions. With their extensive experience and track record, Ripple is well-positioned to lead the advancement of CBDC technology in Georgia and beyond.