The National Bank of Georgia announced that it has enlisted the aid of Ripple, the cryptocurrency company, as the sole tech partner in its central bank digital currency (CBDC) project, denominated the digital GEL. Ripple’s CBDC solution was selected from nine shortlisted companies that applied to be part of Georgia’s CBDC pilot.
Ripple Scores National Bank of Georgia CBDC Partnership
Ripple, a cryptocurrency payments tech company, will be helping the government of Georgia to develop its central bank digital currency (CBDC) project. According to an official press release, the company has been selected to be the sole tech partner of the upcoming CBDC pilot in Georgia, the digital GEL.
The company was selected out of nine shortlisted options that also presented execution plans and had to show their solutions in a two-phase selection process supervised by internal and external experts of the National Bank of Georgia.
Natia Turnava, acting Governor of the National Bank of Georgia, explained the reasons that led to the selection of Ripple. She stated:
The committee selected Ripple due to its technical excellence and the expertise of its team. We look forward to moving ahead with Ripple and we are grateful to all other participating companies for their interest and efforts in the selection process.
Ripple’s VP of Central Bank Engagements, James Wallis, declared:
By harnessing the power of the Ripple CBDC Platform, this pilot will pave the way for transformative advancements in the utilization of blockchain technology within the public sector. Our partnership with NBG demonstrates our commitment to driving innovation and efficiency.
The bank stated that it will now prepare a joint project execution and gradual rollout plan for the pilot with Ripple.
Ripple’s CBDC Pedigree
Ripple has been working to be a significant provider of CBDC solutions for the countries currently exploring the issuance of a CBDC. In May, the company launched its in-house solution to issue stablecoins and CBDCs, offering a tool to streamline the issuance and management of such instruments for its customers.
Several countries have already selected Ripple as a partner in their own CBDC projects. Palau concluded the first phase of its national stablecoin program in September, which used Ripple’s technology. Montenegro also signed an agreement with the company to develop a national digital currency strategy and a subsequent pilot, and Ripple states that it is in discussions with 20 other nations.
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