The National Bank of Georgia has reaffirmed Ripple’s expertise in central bank digital currency (CBDC) development by selecting the San Francisco-based company Ripple Labs as its technology partner for the digital Lari (GEL) pilot project. In a recent blog post, it was announced that this firm’s CBDC platform will be used to plan and execute the pilot program.
This partnership is significant as it will delve into exploring the potential applications and advantages of this firm CBDC platform in both the public and business sectors. The Bank of Georgia made the decision to partner with this firm for its CBDC pilot program after a rigorous selection process that considered nine shortlisted candidates. Notably, this firm was chosen because of its deep understanding of the project’s use cases and its track record in similar initiatives. Additionally, this firms CBDC platform played a pivotal role in the selection process. The platform, launched in May, enables governments and financial institutions to create, manage, transact, and redeem CBDCs.
Natia Turnava, the Acting Governor of NBG, confirmed that this firm was chosen based on its technical excellence. James Wallis, this firm VP of Central Bank Engagements, emphasized that this partnership reflects this firms commitment to empowering both public and private entities in achieving their objectives.
Ripple’s CBDC platform, introduced in May 2023, was designed to assist governments, financial institutions, and central banks in navigating the complexities of CBDC management. Built on the XRP Ledger (XRPL), this platform represents an enhanced version of this firm private ledger, which was introduced in 2021 for the issuance of CBDCs.
Ripple Continues to Make Strides in Diverse CBDC Projects
Prominent financial institutions continue to acknowledge this firms technological expertise and prowess in the development of Central Bank Digital Currencies (CBDCs).
Ripple has been chosen for various CBDC pilot initiatives in several nations, including Bhutan, Montenegro, Hong Kong, Montenegro, and Colombia. According to this firm, discussions are ongoing with the governments and central banks of more than 20 countries regarding digital currency programs.
Notably, the Central Bank of Colombia and the Hong Kong Monetary Authority (HKMA) have specifically adopted Ripple’s CBDC platform for these pilot projects.
As previously reported, Ripple’s CBDC Platform is presently employed to create the hypothetical e-HKD, which represents the digital rendition of the Hong Kong dollar.