Ripple To Advise Georgia Central Bank On CBDC
San Francisco-based blockchain technology firm Ripple has been chosen as the official technology partner for the Central Bank Digital Currency (CBDC) project in Georgia.
The decision was made following a contested selection process, which included submitting a Project Execution Plan (PEP) and demonstrating their technology solutions.
The National Bank of Georgia (NBG) reviewed the selection process, considering factors such as a comprehensive understanding of the project’s objectives and use cases, dedication to the project’s success, a well-defined project development roadmap, a gradual deployment approach aligned with consistent use cases, and adherence to best practices for business continuity.
Ripple was chosen as its tech partner for its CBDC pilot two, joining eight other technology firms for NBG tech partner.
The addition of Georgia brings Ripple’s collaboration with five central banks globally for their respective CBDC pilot programs, including Bhutan, Palau, Montenegro, Colombia, and Hong Kong.
The company is also in discussions with over 20 countries for CBDC endeavors.
(With inputs from Shikha Singh)
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