Ripple Collaborates with Georgia’s Central Bank for CBDC Pilot
Ripple Labs, a payments platform, has announced a partnership with the National Bank of Georgia (NGB) to develop the nation’s first central bank digital currency (CBDC) pilot program. The collaboration aims to create a digital version of Georgia’s currency, the Lari (GEL), using Ripple’s CBDC technology. The NGB selected Ripple as its technology partner due to its understanding of the project’s objectives, commitment to success, and clear roadmap for development. Ripple launched its CBDC platform in May and plans to demonstrate its ability to seamlessly manage and transact CBDCs. The pilot program will test and evaluate select use cases for blockchain technology within the public sector.
Hot Take: Ripple Advances CBDC Adoption in Georgia
Ripple’s partnership with the National Bank of Georgia is a significant step towards advancing the adoption of central bank digital currencies (CBDCs). By collaborating on a pilot program to develop a digital version of Georgia’s currency, Ripple aims to demonstrate the benefits and practical applications of CBDCs for businesses, retail users, and the public sector. This collaboration not only showcases Ripple’s CBDC technology but also highlights the NGB’s commitment to exploring blockchain solutions for its economy. As more countries experiment with CBDCs, Ripple’s innovative platform positions it as a leader in driving global advancements in blockchain technology.
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