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The National Bank of Georgia (NBG) has been proactive in adapting to technology and innovations. It has been announced that the payment platform Ripple Labs Inc. has been chosen to make progress in the Central Bank Digital Currency (CBDC) project, Digital Lari.
NBG Chooses Ripple
Ripple made a statement regarding the matter and announced that the pilot program and implementation of Digital Lari will be carried out and presented using the Ripple CBDC Platform. The new CBDC platform will be used to identify potential use cases for Digital Lari for the public sector, businesses, and individual users.
During this process, Ripple underwent a rigorous review by the institution before being chosen by the NBG. In September, the Bank of Georgia announced the Pilot program with limited access and revealed their plans for the CBDC project. Accordingly, it was decided to select a technology partner for this initiative.
Initially, nine companies that were believed to have technological competence, a mature company structure, capacity to meet expectations, and similar skills were evaluated, and Ripple was one of them.
Based on future plans, Ripple stood out among the competitors selected for the Digital Lari project and became the accepted institution for implementation. The statement made by the NBG regarding Ripple was as follows:
Ripple was chosen by the committee after considering factors such as a deep understanding of the project’s purpose, use cases, and full commitment to the success of the project.
Ripple Adoption is Increasing
Ripple, considered to be the future banking system in terms of financial innovation, continues to take necessary steps in its development process.
A few months ago, Currency Research awarded Ripple for its role in advancing Digital Currency and its contribution to the Best Sustainability Initiative. According to the announcement, this award was given to the company for its contributions to CBDC innovation.
The Central Bank of Colombia, Banco de la República, also took a step in this direction. It collaborated with Ripple to launch the Digital Peso pilot application using the Ripple CBDC Platform.
