Ripple partners with NBG to develop CBDC

Ripple has partnered with Georgia National Bank (national bank of georgia – NBG) further explores use cases for the country’s central bank digital currency (CBDC).

The statement states:

“By harnessing the power of the Ripple CBDC platform, this pilot will pave the way for transformative advances in the use of CBDC. technology Blockchain in the public and private sectors”.

Ripple wins amid stiff competition

A recent statement suggests that Georgia National Bank’s decision to partner with Ripple to develop Digital Lari was well thought out:

“This decision was taken by a committee of internal and external experts of the National Bank of Georgia following a competitive process that consisted of two stages: in the first stage, submission of the Project Implementation Plan (PEP) of the shortlisted candidates and presentation of their technical solutions The plan is in the second phase.”

The statement did not identify rival companies but highlighted the technical advantages and expertise of Ripple employees.

The statement also emphasized that the bank has chosen a platform for CBDC ripple Due to experience in implementing pilot programs elsewhere:

“Ripple’s CBDC platform stands out for its ability to provide comprehensive end-to-end solutions for central banks, financial institutions and governments. The company is currently working on five pilot projects with governments and central banks in different countries.”

Georgia considering CBDC

Ripple recently launched a CBDC-based platform Ripple Ledger new. This allows governments and banks to control the flow of digital currencies through minting, distribution, redemption, and destruction.

In May 2021, the National Bank of Georgia will invite technology companies, fintech companies and financial institutions to support the development of the country’s CBDC.

The statement also emphasized that CBDC can unlock business value and promote national economic growth.

At the time of the announcement, the bank was said to be focused on implementing a modular approach. Overall, it aims to enhance retail convenience and ensure interoperability.

This requires extensive research and development, but there is no specific launch date.

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