The National Bank of Georgia (NBG) has tapped top blockchain payments platform Ripple Labs Inc as the official technology partner for Digital Lari, its Central Bank Digital Currency (CBDC) project.
Partner Selection for the Digital Lari Pilot
Per a published statement from Ripple, the collaboration will involve the execution and delivery of the Digital Lari pilot program using the Ripple CBDC Platform. The novel CBDC platform will be used to assess potential use cases of the Digital Lari to ascertain the benefits it holds for the public sector, businesses as well and retail users.
Before becoming the technology partner of NBG, Ripple was made to go through a rigorous selection process.
In September, the Georgian Bank announced its plans to move forward with its CBDC project by introducing a Limited Access Live Pilot Environment. Consequently, it decided to choose a single technology partner for the undertaking.
To start with, nine companies, which had been carefully selected based on sufficient technological potential, maturity, capacity, relevant experience, and desire to join the on-field exploration, were shortlisted with Ripple being one of them. The fintech firm was listed amongst the likes of AUGENTIC GmbH, Bitt Inc., Broxus Holdings Ltd., Currency Network Ltd., DCM Corp Limited, and a few others.
In the long run, Ripple emerged as the chosen protocol for the Digital Lari project. According to NBG’s announcement, Ripple was selected after the committee paid attention to some factors including a depth of understanding of the project’s purpose, use cases, and full commitment to the project’s success.
Adoption of Ripple’s CBDC Platform Growing
Globally, the payment firm has upheld the reputation of being forward-thinking when it comes to financial innovation.
A few months ago, Currency Research awarded Ripple for its role in the Advancement in Digital Currency and Best Sustainability Initiative. Precisely, the accolade was given to the firm for its contribution towards CBDC innovation.
Before the NBG and its Digital Lari project, Ripple had made an effort to strategically position itself along the paths of entities that wish to explore the implementation of a CBDC. Colombia’s Central Bank, Banco de la República once collaborated with Ripple to explore blockchain technology use cases for its Digital Peso pilot by utilizing the Ripple CBDC Platform.
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