Ripple Collaborates with National Bank of Georgia to Create Sustainable Digital Economy 

Ripple, the famous blockchain payment platform, has intensified its efforts to boost financial inclusivity by partnering with the National Bank of Georgia (NBG). The partnership with NBG aims to support the Republic of Georgia in building a sustainable digital economy.

The partners will explore ways to boost financial inclusivity, transparency and efficiency. The partnership agreement was sealed on June 8 at a meeting attended by the NBG and  Ripple team, including the governor for NBG, Natia Turnava, and his colleague Varlam Ebanoidze. 

Ripple Partners with  the National Bank of Georgia

Conversely, the Ripple team was represented by the company vice president for the Central Bank digital assets (CBDC) department, James Wallis, and an official from Ripple general partner EPAM System, Alistair Brown.  

Wallis introduced Brown to the NBG team and shared an overview of Ripple’s partnership with EPAM. The executive explained that the EPAM system offers a wide range of services in software engineering, digital product design and other digital engineering services.

At the meeting, Wallis stated that the EPAM system will play a significant role in digitizing the Georgian economy. The Ripple team anticipates the EPAM to introduce cutting-edge solutions on fintech that stimulate the growth of the digital economy.

The agenda of the meeting was to explore the ways to boost Georgia’s financial technology. The partners agreed to work together to explore practical ways to build a robust digital economy in Georgia. 

Republic of Georgia Seeks to Digitize Economy

On LinkedIn, the NBG reported that the bank successfully met with the Ripple team. The NBG team restated that the meeting aimed at digitizing the Georgia economy by exploring promising opportunities.

The NBG recognized Ripple as its crucial partner in building the country’s central bank digital currency (CBDC). In the previous engagement with Ripple, the NBG worked on creating the digital Lari. 

Developing Georgia CBDC involved conducting thorough research to ensure the digital Lari met the community’s needs. In September, the NBG confirmed plans to build the digital Lari, which calls for participation from other companies. 

The development will include pilot trials for the digital Lari across multiple industries. The pilot test is critical in assessing the use of digital Lari in the retail and institutional fields.

Ripple of Public Support Towards Development of CBDC

The bank sent invites to nine companies supporting developing of the digital Lari. The NBG CBDC initiative mirrors ongoing projects undertaken by most central banks. 

The Ripple team has partnered with the central banks of Colombia, Palau, Montenegro, and Bhutan to develop the CBDC. Ripple has been demonstrated to be a pivotal contributor to the development of CBDC.

Earlier last year, the blockchain-inspired payment platform issued a white paper on its endeavour to support the development of the CBDC. In the 23-page report, the Ripple team highlighted the features of CBDC, risks, and benefits. 

The Ripple team explained that CBDC will boost financial inclusivity and enhance cross-border payments. The white papers stated that the CBDC is crucial for tokenising tangible world assets. 

Despite the benefits of CBDC, the Ripple team lamented that the lack of comprehensive regulation for digital assets undermined the implementation of digital currency. 

The payment company projects that by 2030, over $5 trillion in CBDC will be available in the market. The Ripple team works with around 20 central banks to develop the CBDC.

Editorial credit: Ira Lichi / Shutterstock.com