Georgia’s National Bank (NBG) has partnered with Ripple to pilot its Central Bank Digital Currency (CBDC) project, Digital Lari (GEL). Ripple was chosen as the official technology partner for the project, following a competitive selection process.
Ripple’s cross-border payment technology is being increasingly adopted by central banks, major financial institutes and governments. Just hours after the announcement of the NBG partnership, the Dubai Financial Services Authority (DFSA) announced its approval of Ripple’s XRP, allowing firms to integrate it into their digital asset services.
Ripple will work together with NBG via its CBDC Platform to plan and implement the pilot program. The testing phase will leverage Ripple’s CBDC technology to evaluate GEL’s practical use cases and potential benefits for the public, businesses and retail users.
Natia Turnava, the acting Governor of NBG, said: “The committee selected Ripple due to its technical excellence and the expertise of its team. We look forward to moving ahead with Ripple and we are grateful to all other participating companies for their interest and efforts in the selection process.”
Ripple is currently running five pilot programs with various governments and central banks, including Bhutan, Hong Kong, Palau, Montenegro and Colombia. The company has also engaged with more than twenty countries worldwide.
This latest milestone is yet another example of Ripple’s increasing success in the CBDC sector.