Ripple expands CBDC pilot with the National Bank of Georgia, exploring Digital Lari’s applications and assessing benefits for businesses and retail.
This past year, the central bank digital currency (CBDC) pilot programmes for Columbia and Montenegro were powered by Ripple, the real-time gross settlement system, currency exchange, and remittance network. Now, it has expanded that list to include the Digital Lari (GEL). This comes after Ripple was chosen as the official technology partner of the National Bank of Georgia (NBG).
Ripple was the winner out of nine potential competitors. Now, the NBG is able to assess the useful applications of a digital currency thanks to the Ripple CBDC technology. Particularly for application in the public sector and any further advantages it might provide for companies and retail customers.
What Makes Ripple Happen?
Because of its phased rollout strategy for use cases, transparent project development plan, and sustainable business continuity, Ripple was chosen. NBG further stated that the digital currency network was chosen because of its prior expertise with related initiatives.
In addition to being in talks with more than 20 nations worldwide, these include five pilot programmes with the governments and central banks of Bhutan, Palau, Montenegro, Colombia, and Hong Kong.
The comprehensive end-to-end solution offered by the CBDC solution makes it possible for governments, financial institutions, and central banks to mint, manage, transact, and redeem CBDCs with ease. The open-source, energy-efficient XRP Ledger (XRPL) blockchain powers the technology.
Acting governor and National Bank of Georgia board member Natia Turnava commented on Ripple’s selection, saying, “The committee selected Ripple due to its technical excellence and the expertise of its team.” We’re excited to work with Ripple going future. We express our gratitude to every other participating company for their participation in the selection process and their interest.
Considering the future
NBG will now proceed to the pilot stage following the completion of the selection phase. In order to assess a few use cases, it will test the Ripple CBDC platform in a real-world setting here.
“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 Ripple’s central bank engagements. Through the usage of the Ripple CBDC Platform, this pilot will facilitate revolutionary progress in the application of blockchain technology in the public domain.
Furthermore, it shows how dedicated we are to promoting efficiency and innovation that we have partnered with NBG. In the end, it gives both public and private organisations the ability to fully utilise safe and transparent blockchain transactions.
