The National Bank of Georgia is working on the digital lari (CBDC) pilot project. Ripple has become the official tech partner.
The National Bank of Georgia (NBG) has selected Ripple Labs as the main partner to launch the central bank digital currency pilot project. The digital lari (DGEL) will be deployed on the Ripple CBDC Platform. The project’s key objectives are to evaluate the benefits of CBDCs for the public sector, enterprises, and individual retail users.
The digital lari project will be launched in a limited access live pilot environment. It’ll be powered by the XRP Ledger network and explore in practice different use cases of the DGEL. The roadmap and the companies applying to participate in it were presented in early October.
Natia Turnava, Acting Governor and Member of the Board of the NBG, said that Ripple was selected after a thorough analysis. The Ripple team’s experience in implementing large-scale government projects, from building the primary digital infrastructure for CBDCs to developing smart contracts and tokenization, was a significant factor.
It’s worth noting that Ripple Labs is actively involved in developing and testing digital currencies for central banks in a number of countries, including Montenegro, Palau, Bhutan, the United States, and Hong Kong as a special administrative region of China. Ripple is also involved in international CBDC research projects, such as the Mastercard program and the SBI Group project.
