Ripple Partners with National Bank of Georgia for CBDC Pilot
Ripple has announced a partnership with the National Bank of Georgia to explore the use cases of a central bank digital currency (CBDC) within the country. The collaboration aims to leverage the Ripple CBDC Platform to advance the utilization of blockchain technology in both public and private sectors. The decision to partner with Ripple was made after a competitive process involving submission of project execution plans and technology demonstrations. The National Bank of Georgia highlighted Ripple’s technical superiority and experience in conducting pilot programs with other governments and central banks.
Georgia’s Ongoing CBDC Consideration
Ripple recently introduced a new XRP ledger-based CBDC platform, which allows governments and banks to have control over digital currency flow. In May 2021, the National Bank of Georgia invited technology firms, fintech companies, and financial institutions to assist in developing a CBDC for the nation. The bank believes that a CBDC could bring business value and contribute to national economic growth. Currently, the focus is on implementing a modular approach to enhance retail convenience and ensure interoperability. Extensive research and development are being conducted, although no specific launch date has been announced.
Hot Take: Ripple Partners with National Bank of Georgia to Explore CBDC Use Cases
Ripple’s collaboration with the National Bank of Georgia signifies a significant step towards exploring the potential of a central bank digital currency in the country. By leveraging Ripple’s CBDC Platform, the partnership aims to drive advancements in blockchain technology across various sectors. The decision to choose Ripple was based on their technical expertise and experience in conducting pilot programs with other governments and central banks. This collaboration reflects the ongoing consideration and interest in CBDCs by Georgia, as they seek to enhance retail convenience and promote economic growth. It will be interesting to see the outcomes and developments that arise from this partnership in the future.
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