In a groundbreaking move, the National Bank of Georgia (NBG) has narrowed down its potential technology partners for the second phase of its digital GEL Central Bank Digital Currency (CBDC) project. Among the selected companies is Ripple, a global leader in blockchain solutions.
Antony Welfare, a CBDC advisor for Ripple, shared this significant development on the X platform, reaching out to the crypto community.
Great to be part of the next stage of the Pilot Project of the National Bank of Georgia Digital Lari project
— Antony Welfare (@AntonyWelfare) September 28, 2023
"The digital GEL project is entering a new stage. In order to test the technological capabilities of the Central Bank Digital Currency (CBDC) system and identify possible…
The NBG has officially announced its commitment to the CBDC project, revealing plans to establish a “Limited Access Live Pilot Environment.” This controlled environment will serve as a testing ground to assess the technological capabilities of the CBDC system and explore its potential applications through various use cases.
Expressing enthusiasm at reaching this milestone, the NBG highlighted the extensive research and rigorous evaluation process that led to the selection of nine firms. These companies have demonstrated the necessary technological expertise and relevant experience to partake in this pioneering endeavor. Ripple Labs emerged as one of the nine selected firms, standing out for its proven track record, capabilities, and eagerness to collaborate on the NBG’s CBDC venture.
James Wallis, Vice President for CBDC Engagement at Ripple, recently disclosed the company’s active engagement with over 30 countries for potential CBDC solutions. While the identities of all participating countries remain undisclosed, some confirmed collaborators include the Republic of Palau, Montenegro, Bhutan, Hong Kong, and Colombia.
Maintaining an open-minded approach, the National Bank of Georgia emphasized its willingness to consider various technological solutions presented by the chosen companies. The bank remains “technologically agnostic” as it advances with the Digital GEL project.
Upon successfully completing the selection phase, the NBG will pinpoint a singular technology partner. This marks a critical advancement in harnessing the potential of CBDCs in Georgia’s financial landscape.
