Search
Search
Ripple news: Ripple Collaborates with National Bank of Georgia

Ripple Collaborates with National Bank of Georgia to Advance CBDC Development

123 Listen to this article Ripple, the global blockchain technology company, has joined forces with the National Bank of Georgia […]

Latest News

Listen to this article

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.

Read Also:  HSBC Teams Up with Ripple for Banking Innovation

Read Also: Ripple has revealed over 8 countries are building CBDCs on XRP Ledger

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.

For the Latest Cryptocurrency News follow the Coinography and Subscribe our YouTube channel or follow us on social media platforms like Twitter, Facebook, Instagram and LinkedIn.

Read Also:  Ripple Sells Millions of XRP at Loss Know Why?
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

0
Would love your thoughts, please comment.x
()
x
Scroll to Top
TON Network Surpasses $140M TVL as Toncoin Price Skyrockets Bitcoin Falls Below $60,000 After Israel’s Strike on Iran Ragnarok Joins Web3 via Ronin and Gravity Collaboration Worldcoin Announces “Human Centric” Blockchain: World Chain Dubai Flood Spurs Blockchain Life 2024 Airdrop ZachXBT Reveals Frauds on Ethereum Layer-2 Networks Winklevoss Twins Invest $4.5M BTC in Bitcoin Soccer Club VeChain and UFC Unveil Tokenized Gloves Collaboration Web3 Credentials Platform Galxe Goes Live with Mainnet Launch El Salvador’s Newest Hilton Leverages Tokenized Bitcoin Debt Shiba Inu Burn Spike Raises Price Over 1300% Impact Concerns GBTC ETF Hindering Bitcoin’s Path to $100,000 Bitcoin News Ethereum Futures ETF with 2x Leverage Filed by Defiance Pump.Fun Boosts Memecoin Market: $5.2M in 38 Days Charles Hoskinson Highlights Cardano’s Progress Despite Criticism Solana DEX Booms, InQubeta Presale Tops $13M Cryptocurrencies to Watch: 16 Promising Options for 2024 Crypto AI Trading Bots: Best Picks for 2024 Cardano’s Top 5 Tokens for April 2024 Investment Crypto Highlights: 12 Best Bitcoin and Crypto Casinos for 2024