‘Georgia on My Mind’: Ripple Strikes a Chord with New CBDC Partnership

Ripple’s Selection in Competitive Process

The National Bank of Georgia (NBG) has partnered with Ripple for the Digital Lari (GEL) pilot project, utilising Ripple’s enterprise blockchain technology to explore the potential of a national digital currency. Ripple emerged as the selected partner after a competitive process where the NBG assessed nine candidates. The central bank was persuaded by Ripple’s comprehensive understanding of the project’s goals, its structured project roadmap, commitment to success, and proven experience with practical pilot deployments.

Ripple will employ its CBDC (Central Bank Digital Currency) Platform for the pilot, which is underpinned by the energy-efficient, open-source XRP Ledger (XRPL). This platform offers a full-service solution for central banks to create, manage, and distribute a digital currency.

Central Bank Governor and Ripple Executive Comment

Natia Turnava of the NBG expressed confidence in Ripple’s expertise, recognising the company’s technical prowess following an exhaustive evaluation process, stating, “The committee selected Ripple due to its technical excellence and the expertise of its team.”

James Wallis from Ripple said,

The National Bank of Georgia is taking a global lead in exploring how it can use blockchain technology to take its economy into the digital era. By harnessing the power of the Ripple CBDC Platform, this pilot will pave the way for transformative advancements in the utilisation of blockchain technology within the public sector. Our partnership with NBG demonstrates our commitment to driving innovation and efficiency, ultimately empowering public and private entities to unlock the full potential of secure and transparent blockchain transactions.

James Wallis

Many More Projects to Follow Amid Price Rally

The upcoming pilot phase will see the Ripple CBDC platform being tested in real-world scenarios, enabling the NBG to closely examine its applicability across various sectors. Ripple has already embarked on similar pilot programs globally, with projects in countries such as Bhutan, Palau, Montenegro, Colombia, and Hong Kong, and discussions with over 20 other nations are underway.

XRP has reacted mostly bullish to the news, gaining 8.76% in the past week. According to CoinMarketCap, at the time of writing, XRP is trading hands for US $0.599 (AU $0.933).