- The National Bank of Georgia (NBG) has accelerated its efforts to transition into a digital economy by deepening its collaboration with cryptocurrency technology company Ripple.
- Recently, NBG officials met with Ripple representative James Wallis to enhance cooperation in financial technology and digitization.
- During the meeting, Wallis expressed his gratitude for the opportunity to introduce his partner from EPAM Systems to the NBG acting governor.
Georgia and Ripple Strengthen Partnership for Digital Economy Advancement
Ripple Engages with Georgian Officials
The recent meeting between the National Bank of Georgia and Ripple saw Vice Governor Natia Turnava and Varlam Ebanoidze, head of the Financial and Supervisory Technology Development Department, in attendance. The official announcement was made on June 8 via NBG’s LinkedIn account. James Wallis, Vice President for Central Bank Engagements at Ripple, introduced Alistair Brown from their partner firm EPAM Systems, which specializes in software engineering and digital platform services.
New Collaboration Initiated
Per NBG’s official statement, the discussion focused on potential areas of collaboration to digitalize Georgia’s economy. This new partnership builds on their prior collaboration where Ripple was the technology partner for Georgia’s pilot cryptocurrency project, the “digital lari.” In September 2023, NBG had invited nine companies, including Ripple Labs, to participate in advancing their CBDC research. Subsequently, Ripple Labs was selected as the official technology partner for developing the digital lari.
Global CBDC Collaborations
Georgia is not the only country working with Ripple on CBDC development. Ripple Labs is also involved in similar projects in countries such as Colombia, Bhutan, Palau, and Montenegro. In a 23-page white paper released in late 2023, Ripple reaffirmed its commitment to global CBDC development, highlighting the need for asset tokenization—a process that converts physical assets into blockchain-stored cryptocurrencies.
Conclusion
The partnership between Georgia and Ripple signifies the country’s proactive stance towards embracing digital finance. By collaborating with a global leader in blockchain and digital currency solutions, Georgia aims to streamline its financial sector and enhance economic efficiency. As CBDCs continue to gain traction worldwide, monitoring their development and implementation offers valuable insights into the future of global economies.
