Ripple, the leading blockchain technology provider, has been chosen as the official technology partner for the National Bank of Georgia's (NBG) digital Lari pilot project. The announcement came following a rigorous evaluation process involving nine contenders. Ripple's CBDC platform, which is based on a private version of the XRP ledger, will be put to the test in a live setting during this pilot program.
The partnership aims to assess Ripple’s Central Bank Digital Currency (CBDC) platform's potential in revolutionizing public service, business transactions, and retail usage. This all-inclusive solution for minting, managing, and redeeming CBDCs is backed by the XRP Ledger and is known for executing advanced applications such as smart contracts and tokenization.
Acting Governor of the NBG, Natia Turnava, recognized Ripple's technical excellence, active role in five global pilot programs, and comprehensive end-to-end solutions it offers to central banks and governments. The execution strategy and phased rollout of this digital currency initiative will be a collaborative effort between the NBG and Ripple.
James Wallis, VP of Central Bank Engagements at Ripple, commended NBG's innovative use of blockchain technology for economic digitization. He reiterated Ripple's commitment to promoting innovation and facilitating secure, transparent Blockchain transactions. Wallis highlighted the potential for significant advancements in public sector blockchain applications through this project.
Ripple's influence in the CBDC space extends beyond Georgia. It is involved in similar pilot programs in Bhutan, Palau, Montenegro, Colombia, Hong Kong, and is in advanced discussions with over 20 other countries for potential collaborations on digital currency projects. The Georgian pilot adds to Ripple's growing portfolio of governmental projects, underscoring its leadership role in promoting digital economic advancement through blockchain technology.
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