The National Bank of Georgia has embarked on a central bank digital currency (CBDC) pilot project in partnership with Ripple, aiming to explore the potential use cases and benefits of a digital currency for the public sector, businesses, and retail users.
The central bank initiated a competitive selection process to choose a suitable partner for the pilot, and Ripple was selected due to its comprehensive understanding of the project’s objectives, potential use cases, and a strong commitment to ensuring the project’s success. Ripple’s well-defined project development roadmap and gradual deployment approach to use cases were also key factors in its selection.
Additionally, Ripple’s experience in conducting similar pilot projects with countries such as the Republic of Palau, Colombia, and Montenegro played a crucial role in the decision. The National Bank of Georgia joins a growing list of countries engaging in CBDC pilot projects with Ripple, including Hong Kong, Bhutan, and others.
James Wallis, VP of central bank engagements at Ripple, expressed enthusiasm about the partnership, stating, “By harnessing the power of the Ripple CBDC platform, this pilot will pave the way for transformative advancements in the utilization of blockchain technology within the public sector.” The collaboration underscores the growing interest in CBDCs and blockchain technology for enhancing financial systems and services worldwide.
