For the purpose of creating digital lari, the National Bank of Georgia (NBG) has chosen blockchain payments network Ripple Labs as its official technical partner. Digital lari is a central bank digital currency (CBDC).
The digital lari pilot project will be implemented and made available through the Ripple CBDC Platform, according to a statement from Ripple.With the use of this cutting-edge CBDC platform, the NBG will assess possible uses for the digital lari and ascertain its benefits for the public sector, businesses, and private consumers.Prior to being named NBG’s technology partner, Ripple went through a rigorous and careful selection process.The NBG announced in September that it would be launching a limited access live pilot environment as part of its efforts to progress the CBDC initiative.
Because of their technological brilliance, maturity, aptitude, relevant background, and willingness to engage in the practical assessment, the NBG selected nine firms for the first round of the process.Augentic, Bitt Inc., Broxus, Currency Network, DCM Corp., and other companies were listed with Ripple.The release from NBG stated that the selection committee took into account a number of elements, such as understanding the project’s goals, possible applications, and a strong commitment to the project’s success.
Currency Research honored Ripple in July for its innovative role in promoting CBDCs and its contributions to the evolution of digital currencies, as well as for its finest sustainability project.
Prior to collaborating with the NBG on the digital lari initiative, Ripple actively partnered with businesses looking to implement CBDCs.In order to explore blockchain applications in its digital peso pilot, Ripple previously partnered with Banco de la República, the central bank of Colombia, using the Ripple CBDC Platform.