Simon Ng The National Bank of Georgia has chosen Ripple, the prominent cryptocurrency firm, to be the exclusive technology collaborator on its central bank digital currency initiative, named the digital GEL. Ripple’s dedicated CBDC platform emerged as the top choice among nine competitors that were considered for participation in Georgia’s CBDC trial.
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Ripple Secures Role in Georgian CBDC Endeavor
As a leader in cryptocurrency payment technologies, Ripple is set to assist the Georgian government in the creation of its central bank digital currency, the digital GEL. The company has been appointed as the sole technology partner for the CBDC pilot, as revealed by a recent press release.
Chosen from a group of nine potential partners, each required to submit detailed plans and demonstrate their capabilities in a comprehensive, two-stage vetting process managed by both internal and external specialists from the National Bank of Georgia.
The acting Governor of the National Bank of Georgia, Natia Turnava, elaborated on Ripple’s selection, indicating:
Ripple was chosen for its technical superiority and the profound know-how of its team. We anticipate a fruitful collaboration with Ripple and extend our thanks to all the entities that participated in this process for their dedication and interest.
James Wallis, the VP of Central Bank Engagements at Ripple, remarked:
Utilizing Ripple’s CBDC Platform, we aim to facilitate groundbreaking progress in applying blockchain technology in the public sector. Our alliance with NBG reflects our engagement in fostering innovation and operational efficacy.
The National Bank has announced that it will begin developing a comprehensive plan for the pilot’s implementation and phased launch in collaboration with Ripple.
Ripple’s Expertise in CBDCs
Ripple has been assertive in establishing itself as a key player in the provision of CBDC solutions for countries venturing into CBDC issuance. In May, Ripple introduced a proprietary platform designed for the creation and management of stablecoins and CBDCs, enhancing the efficiency of such processes for its clientele.
Ripple’s technology underpins the CBDC initiatives of several countries. For instance, Palau completed its inaugural stage of a national stablecoin project in September, while Montenegro has entered an agreement with Ripple to forge a national digital currency strategy and conduct a pilot program. Additionally, Ripple is engaged in talks with around 20 other nations regarding their CBDC plans.
Frequently Asked Questions (FAQs) about Ripple CBDC Georgia
What is the digital GEL project?
The digital GEL project is a central bank digital currency (CBDC) initiative undertaken by the National Bank of Georgia, aimed at developing a digital version of the Georgian Lari (GEL) with the assistance of Ripple’s technology.
Who has the National Bank of Georgia partnered with for its CBDC pilot?
The National Bank of Georgia has partnered with Ripple, a leading cryptocurrency payments technology company, to be the exclusive technology partner for its CBDC pilot involving the digital GEL.
How was Ripple chosen for the digital GEL project?
Ripple was selected through a rigorous two-phase selection process that included nine shortlisted companies. Ripple stood out due to its technical excellence and extensive expertise, as assessed by both internal and external experts of the National Bank of Georgia.
What will Ripple’s role entail in the CBDC project with Georgia?
Ripple will provide its CBDC platform to support the development and implementation of the digital GEL. The partnership aims to leverage blockchain technology to enhance innovation and efficiency in Georgia’s public sector financial services.
Has Ripple worked on other CBDC projects apart from Georgia’s digital GEL?
Yes, Ripple has been involved in several other CBDC projects. Notably, it has aided Palau in its national stablecoin program and signed an agreement with Montenegro for a digital currency strategy and pilot program. Ripple is also in discussions with about 20 other nations for similar projects.
More about Ripple CBDC Georgia
- National Bank of Georgia’s Official Announcement
- Ripple’s CBDC Initiatives
- Digital GEL CBDC Pilot Overview
- Ripple’s Partnership Role in CBDC
- Global CBDC Projects Involving Ripple
5 comments
tech partnerships like this are gonna be more common i guess But wondering how they beat out 8 other firms for this
there’s always a buzz when Ripple’s involved but let’s wait to see the real world application of this pilot project Could be a game-changer or could be just another announcement
isnt it fascinating how the crypto world and traditional banks are starting to blend together Georgia’s on to something with this digital GEL
really proud to see Georgia paving the way in tech like this does anyone know when we’ll actually see the digital GEL in use
ripple seems to be the go-to for all things CBDC these days I heard about their work with Montenegro too