National Bank of Georgia Shortlists Ripple and Eight Other Firms for CBDC Pilot Project
The National Bank of Georgia (NBG) has announced that Ripple Labs is one of the nine companies shortlisted as potential technology partners for its Central Bank Digital Currency (CBDC) pilot project called “Digital GEL.” The NBG aims to test the feasibility and applications of a CBDC system through a limited access live pilot environment. The bank has expressed an open-minded approach to different technological backbones for the Digital GEL project.
Ripple’s Connection to the Digital GEL Initiative
Ripple’s inclusion in the shortlist validates previous speculations, especially after CEO Brad Garlinghouse’s meeting with Georgia’s Prime Minister and Vice Prime Minister in 2022. The prime minister had praised Georgia’s roadmap for blockchain integration and labeled the country as a pioneer in adopting blockchain technology in public services.
Next Steps
Ripple’s Vice President for CBDC Engagement, James Wallis, acknowledged the progress of the Digital GEL initiative and quoted the NBG’s announcement on Twitter. However, it is important to note that being shortlisted does not guarantee Ripple will be awarded the contract to implement Georgia’s CBDC. The NBG will select a single technology partner to move forward with the pilot stage and evaluate practical use cases.
Additionally, Ripple is reportedly in advanced talks with nearly 30 countries regarding their CBDC solutions, including countries like Palau, Montenegro, Bhutan, Hong Kong, and Colombia.
Hot Take: Ripple’s Growing Influence in CBDC Development
Ripple’s inclusion in Georgia’s CBDC pilot project demonstrates its growing influence in the development of central bank digital currencies worldwide. With its extensive experience and technological capabilities, Ripple is well-positioned to contribute to the advancement of CBDCs. As Ripple continues to engage with various countries and explore CBDC use cases, it is likely to play a significant role in shaping the future of digital currencies.
By
By