Ripple Nominated as National Bank of Georgia Potential Partner

The National Bank of Georgia (NBG) has taken a significant forward step in its digital GEL pilot project plans. The bank shortlisted Ripple as a potential partner among eight other firms while still in its second phase project testing.

Antony Welfare, Ripple’s CBDC advisor, shared this exciting development on the X platform, expressing his enthusiasm:

Great to be part of the next stage of the Pilot Project of the National Bank of Georgia Digital Lari project

"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…
— Antony Welfare (@AntonyWelfare) September 28, 2023

Ripple’s Collaboration and NBG CBDC Pilot 2

In an official announcement, the National Bank of Georgia (NBG) confirmed its commitment to advancing CBDC project amidst nominating Ripple. The bank revealed intentions to create a “Limited Access Pilot Environment” to evaluate the CBDC system’s capabilities and potential use-case.

The NBG expressed enthusiasm at the milestone, highlighting the extensive research and rigorous evaluation phases it has undergone. Through a thorough process, the NBG selected nine firms for the pilot initiative based on their tech skills and experience.

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Among the selected for the CBDC project is Ripple Labs. Ripple’s CBDC Vice President, James Wallis, recently disclosed that Ripple has actively discussed the adoption of their CBDC solutions with around 30 countries, earning this recognition. Over the last one hour, Ripple has experienced a price change of 0.33% and currently trades at $0.5117 at time of writing.

The National Bank of Georgia also emphasized its openness to exploring various technological solutions offered by the selected companies at this juncture. This openness is said to aim at ensuring flexibility in its pursuit of innovative solutions.

Once the selection phase is successfully completed, the NBG will move forward by identifying a single technology partner to advance into the pilot phase.

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