Georgia’s National Bank (NBG) has chosen Ripple Labs, a blockchain payments network, as the tech ally for building its digital lari. Additionally, this project is NBG’s central bank digital currency (CBDC).
Ripple declared their team-up would create the digital lari pilot initiative using Ripple’s CBDC Platform. The NBG will use this new CBDC platform to test the digital lari’s possible uses. However, They’ll assess its benefits for government, businesses, and individual retail users.
Ripple became NBG’s tech partner after a thorough selection process. Back in Sept, the NBG announced plans to push forward its CBDC project with a limited access live pilot environment.
When they first started, the NBG picked nine companies. They chose them for their tech skills, experience, ability, related knowledge, and willingness to be evaluated in action. Ripple was chosen, too, along with Augentic, Bitt Inc., Broxus, Currency Network, DCM Corp, and more.
Ripple Collaboration With Banco De La República In Digital Peso Trial
In their decision-making, the team thought about multiple things. They looked at clear comprehension of what the project wanted to achieve, possible use cases, and firm dedication to making the project work, as per the NBG’s public statement.
In July, Ripple gained recognition from Currency Research. They were awarded for their exceptional work in pushing digital currencies ahead and for their commendable sustainability efforts, especially when it came to Central Bank Digital Currencies (CBDCs).
Before helping the NBG with the digital lari project, Ripple had been closely working with organizations interested in exploring the potential of Central Bank Digital Currencies (CBDC).
Previously, Ripple had paired up with the central bank of Colombia, Banco de la República. Their combined efforts were to explore the use of blockchain technology in their digital peso trial using the Ripple CBDC Platform.
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