Key Takeaways
- The central bank is preparing to start the pilot stage, which will entail real-world testing of the Ripple CBDC platform to assess select use cases
- The NBG assessed nine shortlisted companies, with Ripple emerging as the standout choice
In a significant development, Ripple has secured a pivotal role as the official technology partner for the National Bank of Georgia’s (NBG) ambitious Digital Lari (GEL) pilot project.
Ripple’s selection as the technology partner for this groundbreaking initiative followed an exhaustive and rigorous evaluation process. The NBG meticulously assessed nine shortlisted companies, with Ripple emerging as the standout choice, based on its technological expertise, extensive experience, and unwavering commitment to the project’s success.
With the selection phase now successfully completed, the NBG is preparing to embark on the pilot stage, which will entail real-world testing of the Ripple CBDC platform to assess select use cases.
In a statement, Ripple announced that this partnership encompasses the implementation and deployment of the Digital Lari pilot initiative through the Ripple CBDC Platform.
The National Bank of Georgia is poised to leverage this innovative CBDC platform to assess the potential applications of the Digital Lari and determine its advantages for government sectors, enterprises, and individual retail users.
The process of selecting Ripple as the technology partner for the NBG was a well-considered one. Back in September, the National Bank of Georgia unveiled its intent to advance its CBDC project through the introduction of a Limited Access Live Pilot Environment. As a result, the institution decided to single out a sole technology collaborator for this ambitious initiative.
During the initial stages of this selection process, the NBG thoughtfully shortlisted nine firms known for their technological prowess, maturity, capability, relevant background, and eagerness to participate in the practical assessment.
Among these distinguished entities, Ripple found its place alongside notable counterparts such as AUGENTIC GmbH, Bitt Inc., Broxus Holdings Ltd., Currency Network Ltd, and DCM Corp Limited, among others.
Notably, Ripple has garnered recognition from Currency Research for its outstanding contributions to CBDC innovation and sustainability.
This partnership with the National Bank of Georgia bolsters Ripple’s extensive portfolio of CBDC pilot projects in collaboration with governments and central banks on a global scale. The company has already announced pilot programs with countries including Bhutan, Palau, Montenegro, Colombia, and Hong Kong, while simultaneously engaging in discussions with over 20 other nations.
In July, Ripple received accolades from Currency Research for its remarkable contributions to Digital Currency Advancement and Best Sustainability Initiative, particularly for its pioneering role in fostering innovation within the realm of CBDCs.
