The National Bank of Georgia (NBG) and Ripple are teaming up to work on a pilot project involving the creation of a digital version of the Georgian Lari (GEL) using Ripple’s technology.
The NBG has selected Ripple as its official technology partner for this project. They will use Ripple’s Central Bank Digital Currency (CBDC) technology to test how it can be beneficial for the government, businesses, and regular users.
The NBG announced that they chose Ripple because of the company’s “deep understanding of the project’s purposes and use cases, as well as a full commitment to the project’s success, sustainable business continuity, clear project development roadmap, and gradual deployment approach to use-cases.”
Moreover, the NBG recognized Ripple’s experience in carrying out real-world pilot projects, including building the digital infrastructure for central bank digital currencies, creating smart contracts, and tokenizing assets.
Ripple’s CBDC solution, called the Ripple CBDC Platform, is well-regarded for its comprehensive capabilities. It allows central banks, financial institutions, and governments to efficiently create, manage, conduct transactions with, and redeem central bank digital currencies. This technology is built on the XRP Ledger (XRPL), a blockchain that is both energy-efficient and open-source.
With the completion of the selection phase, NBG is progressing to the pilot stage to implement and assess the Ripple CBDC platform in a live environment.
Also Read: Ripple’s XRP Receives Green Light From DIFC