Payments platform Ripple Labs has partnered with the Central Bank of Georgia to create the country’s first digital currency pilot program (CBDC).
In a new company blog post, Ripple says that the National Bank of Georgia (NGB) has chosen to partner with Ripple for its digital Lari (GEL) pilot project.
“The pilot will experiment with Ripple’s CBDC technology and evaluate practical use cases to gauge the potential benefits for public sector, corporate and retail users…
NBG explained that it chose Ripple to support its national digital currency pilot project due to its “in-depth understanding of the project’s objectives and use cases, as well as a full commitment to the project’s success, sustainable business continuity, a clear project development roadmap and gradual implementation. approach to use cases. ”
Ripple, which launched its CBDC platform powered by the XRP Ledger earlier this year in May, aims to prove to financial institutions and governments the ability to “seamlessly mint, manage, transact and redeem CBDCs” – features that the NGB wants to test and evaluate.
“Ripple was chosen as NBG’s sole technology partner through a rigorous selection process involving nine shortlisted companies, which were assessed on their capabilities to support the pilot.
Now that the selection phase is complete, NBG will move to the pilot phase to test the Ripple CBDC platform in a live environment so they can evaluate selected use cases.”
As James Wallis, vice president of central bank engagement at Ripple, says:
“The National Bank of Georgia is leading the world in exploring how it can use blockchain technology to bring its economy into the digital age. By leveraging the power of the Ripple CBDC platform, this pilot will pave the way for transformative advances in the use of blockchain technology within the public sector.”
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