On November 2, the National Bank of Georgia (NBG) declared that Ripple would be the official technology partner for the Digital Lari (GEL) pilot project. The investigation of blockchain technology and its potential applications in national digital currencies has advanced significantly with this collaboration.
The NBG chose Ripple as its Digital Lari partner following a thorough selection process that included nine shortlisted companies. After carefully assessing each of these businesses to see if they could support the pilot project, Ripple was finally able to cement its place as the go-to technology partner thanks to its superior technical capabilities and teamwork knowledge. “We were pleased to select Ripple as the official technology partner for our Digital Lari (GEL) pilot project following a thorough review of all shortlisted parties,” said Natia Turnava in an announcement from NBG expressing her happiness with the choice.
As the NBG uses blockchain technology to digitise its economy, James Wallis emphasised the partnership’s unique character and said that Ripple’s CBDC Platform will propel revolutionary advancements in the application of blockchain technology in the public sector. This partnership shows a dedication to efficiency, innovation, and the empowerment of entities via safe, open blockchain transactions.
The goal of Ripple’s CBDC solution, the Ripple CBDC Platform, is to give governments, financial institutions, and central banks a comprehensive end-to-end solution. They may generate, manage, transact, and redeem Central Bank Digital Currencies with ease thanks to it.
Notably, the XRP Ledger (XRPL), an open-source, energy-efficient blockchain, powers this technology. Based on Ripple’s thorough comprehension of the project’s goals and use cases, as well as its steadfast dedication to project success, sustainable business continuity, transparent project development roadmap, and gradual deployment approach to use cases, the NBG selected Ripple as its technology partner for its national digital currency pilot project.
Apart from its collaboration with NBG, Ripple stated that it is presently involved in five experimental projects in collaboration with the central banks and governments of Bhutan, Palau, Montenegro, Colombia, and Hong Kong. In addition, negotiations are in progress with more than 20 nations globally.