June 10, 2024
Ripple and National Bank of Georgia Collaborate
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Ripple and National Bank of Georgia partner to Digitize Economy

Ripple Expands Partnership with National Bank of Georgia

Major cryptocurrency firm Ripple is enhancing its collaboration with the Republic of Georgia by exploring ways to digitize the local economy with the National Bank of Georgia (NBG).

High-Level Meeting to Boost Financial Technology

Natia Turnava, acting governor of the National Bank of Georgia, and Varlam Ebanoidze, head of the bank’s Financial and Supervisory Technology Development Department, met with Ripple executive James Wallis to discuss improving cooperation in financial technology and digitalization. The Georgian central bank officially announced the meeting in a LinkedIn post on June 8.

At the meeting, Wallis, Ripple’s vice president of central bank engagements, introduced the Georgian officials to Alistair Brown, a representative of Ripple’s partner EPAM Systems. “It was an honor to be back in Tbilisi and to introduce Alistair Brown from our partner EPAM Systems to NBG Acting Governor Natia Turnava,” Wallis stated. EPAM, headquartered in Newtown, Pennsylvania, specializes in software engineering services, digital platform engineering, and digital product design.

Building on Existing Partnerships

The National Bank of Georgia highlighted that the discussion focused on exploring potential avenues for collaboration in digitalizing the Georgian economy. This new initiative builds on the previous partnership between the NBG and Ripple, where Ripple serves as the technological partner for the NBG’s pilot Central Bank Digital Currency (CBDC) project, the digital lari.

In September 2023, the NBG announced plans to advance CBDC research and invited nine companies, including Ripple Labs, to participate in the digital lari project. Subsequently, Ripple Labs was selected as the official technology partner for developing the digital lari.

Ripple’s Global CBDC Efforts

Georgia’s central bank is not the only institution collaborating with Ripple on CBDC development. Ripple Labs has also been involved in CBDC pilots in countries such as Colombia, Bhutan, Palau, and Montenegro. In late 2023, Ripple emphasized its support for global CBDC development in a comprehensive white paper. “CBDCs are needed to support the most significant positive impacts of asset tokenization, an increasingly targeted mechanism for transforming tangible assets into digital tokens stored on the blockchain,” the firm noted.

Future Considerations

While Ripple’s involvement in CBDC development is widely acknowledged, it has also sparked concerns among critics regarding potential privacy issues and government surveillance. Nevertheless, the collaboration between Ripple and the National Bank of Georgia marks a significant step towards the digitalization of the Georgian economy, reinforcing Ripple’s role in global CBDC initiatives.

Image by pressfoto on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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