Ripple, the prominent blockchain payment company behind XRP, has made it to the shortlist of potential technology partners for a significant central bank digital currency (CBDC) project.
The National Bank of Georgia (NBG) has taken a significant step in its digital GEL pilot project. Antony Welfare, a CBDC advisor at Ripple, shared this announcement with the XRP community on X.
NBG selected Ripple and eight other companies for potential collaboration in the second phase of their CBDC project. This news comes just over a month after Ripple revealed eight countries that were building CBDCs on XRP Ledger (XRPL).
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
Read Also: Over 15% of Countries in the World Are in Discussion to Use Ripple CBDC Platform
The NBG’s CBDC Project
NBG is introducing a Limited Access Live Pilot Environment to rigorously test the CBDC system’s technology capabilities and potential application areas through real-world use cases.
After an extensive research phase and meticulous evaluation, NBG has shortlisted nine companies that have demonstrated sufficient technological potential and maturity, capacity, relevant experience, and a strong desire to be part of this project.
What makes Ripple’s selection significant is the company’s reputation for pushing the boundaries of blockchain technology and its extensive experience in facilitating cross-border payments and financial solutions.
Ripple’s blockchain-based platform has already gained recognition for its speed, security, and cost-effectiveness, making it a natural fit for the evolving landscape of central bank digital currencies.
In its official announcement, the NBG stated that it is not committed to any specific approach. They are open to all technological solutions, and this project could be a massive opportunity for Ripple to showcase its expertise.
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Read Also: Digital Euro Association Applauds Ripple’s Membership in Mastercard CBDC Program
After the selection stage, the National Bank of Georgia will choose a single technology partner. This partner will play a pivotal role in advancing the CBDC project into the pilot stage, where the CBDC platform will be tested in a limited-time, real-world environment.
This rigorous testing phase will showcase the technological prowess of the chosen partner and evaluate the practical use cases of the CBDC, potentially reshaping the future of digital currencies in Georgia.
In a world where digital currencies are gaining prominence, the National Bank of Georgia’s decision to collaborate with Ripple underscores the significance of Ripple’s mastery in the blockchain industry. There has also been an interesting prediction for the price of XRP as a CBDC pilot, and it might be on the path to achieving that.
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