In a move towards economic digitalization, Ripple has partnered with the National Bank of Georgia (NBG) to explore the digitization of the country’s economy.
This partnership aims to leverage Ripple’s expertise in blockchain and digital currency technologies to enhance financial operations in Georgia.
The collaboration was solidified during a meeting between Ripple’s vice president of central bank engagements, James Wallis, and NBG’s acting governor, Natia Turnava, along with Varlam Ebanoidze, head of the bank’s financial and supervisory technology development department.
The discussions centred on ways to integrate advanced financial technologies into Georgia’s economic framework.
Wallis introduced Alistair Brown from EPAM Systems, Ripple’s partner in digital platform engineering, to the Georgian officials.
EPAM Systems, a Pennsylvania-based firm, is known for its work in software engineering and digital product design.
This partnership builds on the existing relationship between Ripple and the NBG, particularly focusing on the digital lari project.
Announced in September 2023, the digital lari project involves multiple technology partners, with Ripple Labs selected as the key technological partner.
The project aims to develop a central bank digital currency (CBDC) to streamline and modernize the country’s financial system.
The NBG’s official statement highlighted the potential for further collaboration to enhance Georgia’s digital economy.
This initiative is part of Ripple’s broader strategy to support global CBDC development.
Ripple has been involved in similar projects in countries such as Colombia, Bhutan, Palau, and Montenegro, reflecting its commitment to advancing digital currency adoption worldwide.
While Ripple continues to champion CBDCs as a transformative financial tool, some critics raise concerns about privacy and government surveillance.
Despite these challenges, Ripple’s partnership with the NBG marks a significant step towards a more digitized and efficient economic future for Georgia.
