The National Bank of Georgia (NBG) has narrowed down the list to nine companies as potential technology partners for their Central Bank Digital Currency (CBDC) project, Digital GEL.
NBG announced on Thursday that they will launch a Limited Access Live Pilot Environment to test the CBDC’s technology capabilities and other potential applications. The shortlisted companies include crypto payment giant Ripple, digital asset management system Bitt, blockchain platform Broxus and several fintech firms.
Ripple’s CBDC advisor, Antony Welfare stated that the Digital GEL is “entering a new stage” and the National Bank of Georgia is planning “to create a real pilot environment with limited access.” NBG will select one technology provider from the shortlisted companies to move forward to the pilot stage and conduct trials for its CBDC.
In January, the Georgia Central Bank announced that they would publish a document detailing the concept of a national digital currency in the coming months. They also laid out their plans to launch a “publicly available” CBDC in 2021, and called fintech companies to join efforts to explore the frontiers of the CBDC.
This digital lari will be cheaper, more secure and faster than the current fiat lari in both cash and non-cash forms.