The San Francisco-based blockchain payment firm Ripple has been shortlisted as a technology partner for another pivotal central bank digital currency (CBDC) endeavor.
Specifically, the National Bank of Georgia (NBG) has taken a significant step forward in its digital GEL pilot project plans. The bank shortlisted Ripple alongside eight other firms as a potential technology partner in its second GEL CBDC project testing phase.
Ripple’s CBDC advisor, Antony Welfare, took to the X platform to share the development with the crypto community.
Great to be part of the next stage of the Pilot Project of the National Bank of Georgia Digital Lari project
"The digital GEL project is entering a new stage. In order to test the technological capabilities of the Central Bank Digital Currency (CBDC) system and identify possible…
— Antony Welfare (@AntonyWelfare) September 28, 2023
Ripple and NBG CBDC Pilot 2
In an official statement, the NBG conveyed its intention to proceed with its CBDC project. The bank unveiled its intent to establish a “Limited Access Live Pilot Environment.”
According to the statement, the environment will serve as a testing ground to evaluate the technological capabilities of the CBDC system. It will also evaluate its potential applications through a series of use cases.
The NBG expressed excitement at the milestone, noting that it had undergone extensive research and meticulous evaluation phases. As a result, the NBG disclosed nine firms have exhibited the requisite technological prowess and relevant experience to participate in the pilot endeavor.
Ripple Labs was identified among the nine firms with relevant experience, capability, and desire to proceed with the bank’s CBDC move.
Recall that Ripple’s Vice President for CBDC Engagement, James Wallis, recently disclosed that Ripple was actively communicating with at least 30 countries to use their CBDC solution.
While the countries’ identities are not all public, The Crypto Basic has reported some countries where Ripple is actively collaborating for CBDC pilot stages. They include the Republic of Palau, Montenegro, Bhutan, Hong Kong, and Colombia.
Meanwhile, the National Bank of Georgia noted that it remains open to various technological solutions that the selected companies can offer at this juncture.
The bank clarified that it is not tied to any specific technology as it maintains a “technologically agnostic” stance while progressing with the Digital GEL project.
After the selection stage is successful, the NBG will identify a single technology partner to advance to the pilot phase.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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