The National Bank of Georgia (NBG) has selected blockchain payments network Ripple Labs as the official technology partner for developing digital lari, its central bank digital currency (CBDC) project.
In a statement, Ripple said the partnership would include implementing and deploying the digital lari pilot initiative through the Ripple CBDC Platform. The NBG will utilize this innovative CBDC platform to evaluate potential applications of the digital lari, determining its advantages to the government sector, enterprises and individual retail users.
Before being designated as NBG’s technology partner, Ripple underwent a thorough and meticulous selection procedure. In September, the NBG disclosed its intentions to advance its CBDC project by introducing a limited access live pilot environment.
In the initial process stage, the NBG chose nine firms for their technological prowess, maturity, capability, relevant background and eagerness to participate in the practical assessment. Ripple was included alongside Augentic, Bitt Inc., Broxus, Currency Network, DCM Corp and others.
The selection committee considered various factors, including comprehension of the project’s objectives, its potential applications and a solid dedication to the project’s success, according to NBG’s announcement.
Related: Swiss wholesale CBDC pilot kicks off in alliance with central, commercial banks
In July, Ripple received recognition from Currency Research for its contributions to digital currency advancement and best sustainability initiative, particularly for its role in fostering innovation in the realm of CBDCs.
Before the partnership with the NBG for the digital lari project, Ripple had proactively aligned itself with organizations seeking to delve into CBDC implementations. Ripple previously joined forces with Colombia’s central bank, Banco de la República, to investigate blockchain technology applications in its digital peso pilot by leveraging the Ripple CBDC Platform.
Magazine: Are CBDCs kryptonite for crypto?
