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Breaking News: Ripple CTO Steps Down, Accepts New Offer – What You Need To Know
Ripple Georgia CBDC

National Bank Of Georgia Selects Ripple Labs As Potential CBDC Partner

Jake Simmons
by Jake Simmons
2 years ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a significant announcement, the National Bank of Georgia (NBG) has shortlisted Ripple Labs alongside eight other firms as potential technology partners for its Central Bank Digital Currency (CBDC) pilot project titled “Digital GEL.”

Ripple Is In The Shortlist Of Nine

In an official press release dated September 28, 2023, the NBG disclosed its intent to introduce a “Limited Access Live Pilot Environment” aiming to test the technological feasibility and potential applications of a CBDC system. The bank emphasized its current “technologically agnostic” approach, suggesting an openness to a variety of technological backbones for the Digital GEL project.

Related Reading: Ripple CEO Drops Acquisition Bombshell: Fortress Trust Deal Off The Table

The nine companies that made the cut are AUGENTIC GmbH, Bitt Inc., Broxus Holdings Ltd., Currency Network Ltd., DCM Corp Limited, eCurrency Mint Inc., FARI Solutions Ltd., Ripple Labs, Inc., and Sovereign Wallet Co., Ltd. Each of these companies was recognized for showcasing “sufficient technology potential, maturity, capacity, relevant experience, and desire to join” the NBG’s endeavor.

Ripple’s connection to the Digital GEL initiative is validating previous speculations, particularly after a high-profile meeting last year. In May 2022, CEO Brad Garlinghouse held discussions with Georgia’s Prime Minister Irakli Garibashvili and Vice Prime Minister Levan Davitashvili in Davos.

At the time, Prime Minister Garibashvili highlighted Georgia’s ambitious roadmap for blockchain integration, tweeting about the productive discourse with Garlinghouse and labeling Georgia as a pioneer in assimilating blockchain into public services.

“Great talks w/ Ripple CEO Brad Garlinghouse! Shared Georgia’s vision on the future of blockchain and regulation,” Garibashvili said.

Next Steps

Echoing the sentiments from the NBG press release, Ripple’s Vice President for CBDC Engagement, James Wallis, acknowledged the progression of the Digital GEL initiative on X (formerly Twitter). He quoted the National Bank of Georgia, stating, “Great to be part of the next stage of the Pilot Project of the National Bank of Georgia Digital Lari project. The digital GEL project is entering a new stage… After long-term research and due consideration, the National Bank publishes a list of 9 companies.”

Related Reading: Ripple Explains Why Enterprises Seek Its Solutions Amid Economic Uncertainty

Remarkably, the selection of Ripple does not yet mean that the US headquartered company will also be awarded the contract to implement the Georgian CBDC. The announcement states, “upon selection stage completion, NBG will identify a single technology partner to move to the pilot stage to test the CBDC platform in a limited-time run live environment and evaluate the practical use cases.” Also, it is important to note that the XRP token is not mentioned in the announcement.

Previously, Wallis had also shed light on Ripple’s global CBDC pursuits. Ripple is reportedly in advanced talks with nearly 30 countries regarding their CBDC solutions. Among these, Ripple’s involvement in pilot stages with countries such as the Republic of Palau, Montenegro, Bhutan, Hong Kong, and Colombia has been confirmed.

At press time, XRP showed a slight uptrend, trading at $0.51076.

XRP price
XRP rises above 50% Fib, 4-hour chart | Source: XRPUSD on TradingView.com
Featured image from Zura Narimanishvili / Unsplash, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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