Ripple, the company behind the XRP token, has joined forces with the National Bank of Georgia to delve deeper into the potential use cases for a central bank digital currency (CBDC) in the country.
In a recent statement, the partnership was highlighted as a significant step forward in harnessing the capabilities of the Ripple CBDC Platform.
The primary objective of this collaboration is to explore how blockchain technology can drive transformative advancements across both the public and private sectors in Georgia.
The decision to partner with Ripple for their work on the Digital Lari, the Georgian national currency, was made after a meticulous selection process.
A committee comprising internal and external experts from the National Bank of Georgia evaluated various candidates through a competitive two-phase process.
This process involved the submission of Project Execution Plans (PEP) by shortlisted candidates in the initial phase, followed by demonstrating their technology solutions in the second phase.
While the statement did not explicitly name other competing firms, it underscored Ripple’s exceptional technical capabilities and staff expertise.
Ripple’s CBDC platform was the preferred choice due to its experience conducting pilot programs in various countries with different governments and central banks.
The statement further emphasized that Ripple’s CBDC platform distinguishes itself by providing comprehensive end-to-end solutions to central banks, financial institutions, and governments.
Currently, the company is actively engaged in five pilot programs with governments and central banks from different countries.