Ripple and the National Bank of Georgia (NBG) will collab to use Ripple’s technology to create an electronic equivalent of the Georgian Lari (GEL).
For this project, the NBG has chosen Ripple to be its official technology partner. They will evaluate the potential benefits of Ripple’s Central Bank Digital Currency (CBDC) technology for corporations, governments, and average people.
The National Bank of Georgia announced that they selected Ripple due to the company’s in-depth knowledge of the objectives and possible applications of the project. Due to Ripple’s “deep understanding of the project’s purposes and use cases, as well as a full commitment to the project’s success, sustainable business continuity, clear project development roadmap, and gradual deployment approach to use-cases,” NBG stated that it decided to partner with Ripple on its national digital currency pilot.
Additionally, the NBG acknowledged Ripple’s background in executing practical pilot programs, which included developing smart contracts, tokenizing assets, and constructing the digital framework for central banks’ digital currencies.
The Ripple CBDC Platform, which is Ripple’s CBDC solution, is highly acclaimed for its extensive features. It makes it possible for governments, financial institutions, and central banks to effectively produce, manage, exchange, and redeem digital currencies issued by central banks. This system is based on the open-source, energy-efficient XRP Ledger (XRPL) blockchain.
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