XRP has achieved significant progress as the National Bank of Georgia announced it as the official technology partner for the Digital GEL (Lari) Central Bank Digital Currency (CBDC) pilot project. So the National Bank of Georgia announced this in a press release published today. The selection process consisted of two stages. In the first phase, shortlisted candidates had to present a Project Execution Plan (PEP), and the second phase involved showcasing their technological solutions.

A committee of internal and external experts from the National Bank of Georgia chose Ripple because of their understanding of the project’s objectives and use cases, commitment to the success of the project, clear project development roadmap, gradual deployment approach based on consistent use scenarios, and best business continuity practices.

Ripple’s CBDC Solutions and Pilot Programs

Ripple’s cross-border payment network is famous for aiding financial institutions in integrating blockchain technology and establishing digital assets. Additionally the company’s CBDC platform has gained a reputation for delivering comprehensive end-to-end solutions to central banks, financial institutions, and governments. Currently, Ripple is running five pilot programs with various governments and central banks worldwide.

You might like: The Latest Status in Cryptocurrencies! – November 3

Natia Turnava, Deputy Head of the National Bank of Georgia, expressed her pleasure at Ripple being selected as the official technology partner for the Digital Lari (GEL) pilot project. Also she praised Ripple for its technical excellence and team expertise.

James Wallis, Deputy Head of Central Bank Relations at Ripple, praised the National Bank of Georgia for its global leadership in exploring the potential transition to the digital age. The cooperation with NBG underlines Ripple’s commitment to boosting innovation and efficiency. The next steps include collaboration between the central bank and XRP to implement the project and a phased implementation plan.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube and Twitter channels for the latest news and updates.