Ripple to power Georgia’s central bank digital currency, the digital lari

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 National Bank of Georgia disclosed its intentions to advance its CBDC project by introducing a Limited Access Live Pilot Environment. Consequently, it opted to select a sole technology collaborator for the initiative.

In the initial process stage, the National Bank of Georgia thoughtfully chose nine firms for their technological prowess, maturity, capability, relevant background, and eagerness to participate in the practical assessment. Among these, Ripple was included alongside notable entities such as AUGENTIC GmbH, Bitt Inc., Broxus Holdings Ltd., Currency Network Ltd., DCM Corp Limited, and others.

Ultimately, Ripple was the preferred protocol for the Digital Lari initiative. The selection committee considered various factors, including a profound comprehension of the project’s objectives, its potential applications, and a solid dedication to the project’s triumph, as stated in 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 initiative, 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, leveraging the Ripple CBDC Platform.

Magazine: Are CBDCs kryptonite for crypto?