The National Bank of Georgia partners with Ripple Labs for its CBDC project, the digital lari.
The National Bank of Georgia will use the CBDC platform to assess digital lari’s benefits for government, businesses and retail users.The National Bank of Georgia has selected blockchain payments network Ripple Labs as the official technology partner for developing digital lari, itsthe partnership would include implementing and deploying the digital lari pilot initiative through the Ripple CBDC Platform.
Before being designated as NBG’s technology partner, Ripple underwent a thorough and meticulous selection procedure. In September, the NBG disclosed itsIn the initial process stage, the NBG chose nine firms for their technological prowess, maturity, capability, relevant background and eagerness to participate in the practical assessment. Ripple was included alongside Augentic, Bitt Inc., Broxus, Currency Network, DCM Corp and others.
The selection committee considered various factors, including comprehension of the project’s objectives, its potential applications and a solid dedication to the project’s success,recognition from Currency Research for its contributions to digital currency advancement and best sustainability initiative, particularly for its role in fostering innovation in the realm of CBDCs.
Before the partnership with the NBG for the digital lari project, Ripple had proactively aligned itself with organizations seeking to delve into CBDC implementations. Ripple previously, Banco de la República, to investigate blockchain technology applications in its digital peso pilot by leveraging the Ripple CBDC Platform.
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