Ripple Extends CBDC Push with Georgia Deal
Posted by Colin Lambert. Last updated: November 5, 2023
Ripple has extended its push into the world of central bank digital currencies (CBDC) by winning the contest to become the technology partner to the National Bank of Georgia as it develops its digital lari (GEL).
Following the selection process, the National Bank and Ripple will now jointly plan the project execution and gradual rollout plan, as submitted in the initial phase of the selection process. The National Bank says the second phase was a demonstration of the applicants’ technology solutions.
The central bank adds that Ripple stands out for its ability to provide “holistic end-to-end solutions”, and notes that the company already has five other CBDC pilot programmes underway.
“We are pleased to select Ripple as the official technology partner for our GEL pilot project following a thorough review of all shortlisted parties,” says Natia Turnava, acting governor of the National Bank of Georgia. “The committee selected Ripple due to its technical excellence and the expertise of its team. We look forward to moving ahead with Ripple and we are grateful to all other participating companies for their interest and efforts in the selection process.”
James Wallis, VP of central bank engagements at Ripple, adds, “By harnessing the power of the Ripple CBDC Platform, this pilot will pave the way for transformative advancements in the utilisation of blockchain technology within the public and private sectors. Our partnership with NBG demonstrates our commitment to driving innovation and efficiency, ultimately empowering public entities to unlock the full potential of secure and transparent blockchain transactions.”