National Bank Of Georgia Shortlists Ripple For CBDC Pilot

Key Takeaways:

• NBG shortlists Ripple among top CBDC candidates for Digital GEL project.
• Ripple’s high-profile meeting with Georgia’s leadership solidified its inclusion.
• Ripple in advanced talks with nearly 30 countries for CBDC solutions.

LUCKNOW (CoinChapter.com) — The National Bank of Georgia (NBG) has shortlisted Ripple Labs as one of its potential technology partners for its Central Bank Digital Currency (CBDC) pilot project. 

Sandbox CBDC Pilot Mentions Ripple Labs

In an official press release, the NBG outlined its plans to launch a “Limited Access Live Pilot Environment.” It aims to assess the feasibility and potential applications of a CBDC system. Additionally, NBG is adopting a “technologically agnostic” stance, indicating openness to various technological foundations for the Digital GEL initiative.

The nine selected companies are AUGENTIC GmbH, Bitt Inc., Broxus Holdings Ltd., Currency Network Ltd., DCM Corp Limited, eCurrency Mint Inc., FARI Solutions Ltd., Ripple Labs, Inc., and Sovereign Wallet Co., Ltd.

Each company earned recognition for their demonstrated technology potential, maturity, capacity, relevant experience, and eagerness to participate in the NBG’s venture.

Ripple’s inclusion in the Digital GEL initiative solidifies previous speculations, especially following a high-profile meeting in May 2022. CEO Brad Garlinghouse engaged in discussions with Georgia’s Prime Minister Irakli Garibashvili and Vice Prime Minister Levan Davitashvili in Davos.

During the meeting, Prime Minister Garibashvili showcased Georgia’s forward-looking blockchain integration roadmap, endorsing the nation as a pioneer in incorporating blockchain into public services.

“Great talks w/ Ripple CEO Brad Garlinghouse! Shared Georgia’s vision on the future of blockchain and regulation,” tweeted Garibashvili.

Ripple Mentioned But XRP Skipped

Echoing the NBG’s sentiments, Ripple’s Vice President for CBDC Engagement, James Wallis, expressed optimism about the Digital GEL initiative. He cited the NBG, stating:

“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… After long-term research and due consideration, the National Bank publishes a list of 9 companies.”

However, Ripple’s selection doesn’t guarantee that the U.S.-based company will secure the contract to implement Georgia’s CBDC.

The announcement clarifies that “upon selection stage completion, NBG will identify a single technology partner to move to the pilot stage to test the CBDC platform in a limited-time run live environment and evaluate the practical use cases.”

Additionally, it’s worth noting that the XRP token is not mentioned in the announcement. Wallis also shed light on Ripple’s global CBDC endeavors.

Ripple is reportedly in advanced discussions with nearly 30 countries regarding their CBDC solutions. Among these, Ripple’s involvement in pilot stages with countries like the Republic of Palau, Montenegro, Bhutan, Hong Kong, and Colombia has been confirmed.