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Ripple, the global blockchain technology company, has joined forces with the National Bank of Georgia in a strategic partnership aimed at exploring the potential use cases for a central bank digital currency (CBDC) within the country. This collaboration marks a significant milestone in harnessing the capabilities of the Ripple CBDC Platform to drive transformative advancements in the utilization of blockchain technology across both public and private sectors.
Ripple’s Success in a Competitive Selection Process
The decision by the National Bank of Georgia to choose Ripple as their partner for the development of the Digital Lari involved a meticulous and competitive selection process. A recent statement sheds light on this process, revealing that a committee of internal and external experts at the National Bank of Georgia oversaw the selection, which was divided into two distinct phases.
In the first phase, shortlisted candidates were required to submit a detailed Project Execution Plan (PEP). The second phase involved the demonstration of their technology solutions. While the statement did not disclose the names of competing firms, it underscored Ripple’s technical expertise and staff proficiency as pivotal factors in their selection.
The National Bank of Georgia further highlighted Ripple’s extensive experience in conducting pilot programs with governments and central banks across various countries as a decisive factor in their choice. According to the statement, Ripple’s CBDC platform excels in providing comprehensive end-to-end solutions to central banks, financial institutions, and governments. Currently, the company is actively involved in five pilot programs with governments and central banks of different nations.
Georgia’s Ongoing Consideration of CBDC Implementation
Ripple’s introduction of a new XRP ledger-based CBDC platform presents an opportunity for governments and banks to exercise control over the entire digital currency lifecycle, from the minting and distribution to redemption and destruction.
Back in May 2021, the National Bank of Georgia had initiated a call for technology firms, fintech companies, and financial institutions to collaborate on the development of a CBDC for the nation.
The joint statement also emphasized the potential business value and national economic growth that could result from the implementation of a CBDC. At present, the National Bank of Georgia is concentrating on adopting a modular approach with the goal of enhancing retail convenience and ensuring interoperability. However, this approach requires extensive research and development, and as of the time of this report, no specific launch date has been provided.
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