National Bank of Georgia Teams Up with Ripple for Economic Digitization

National Bank of Georgia Teams Up with Ripple for Economic Digitization

Ripple, a major player in the cryptocurrency industry, is expanding its collaboration with the Republic of Georgia, focusing on digitizing the local economy with the National Bank of Georgia (NBG).

Deepening Ties with the National Bank of Georgia

Natia Turnava, the acting governor of the National Bank of Georgia, and Varlam Ebanoidze, head of the bank’s Financial and Supervisory Technology Development Department, recently met with Ripple executive James Wallis to explore further cooperation in financial technology and digitalization. The meeting, officially announced by the Georgian central bank on LinkedIn, marks a significant step in enhancing the partnership between Ripple and Georgia.

Ripple’s Technological Expertise

James Wallis, Ripple’s vice president of central bank engagements, introduced the Georgian officials to Alistair Brown from Ripple’s partner EPAM Systems. Wallis expressed his enthusiasm for the ongoing collaboration: “It was an honor to be back in Tbilisi and to introduce Alistair Brown from our partner EPAM Systems to NBG Acting Governor Natia Turnava.”

EPAM, based in Newtown, Pennsylvania, specializes in software engineering services, digital platform engineering, and digital product design. The name “EPAM” stands for “Effective Programming for America.”

Building on an Existing Partnership

This new collaboration builds on a previous partnership between the NBG and Ripple, where Ripple serves as the technological partner for the NBG’s pilot CBDC project, the digital lari. In September 2023, the NBG announced plans to advance CBDC research, inviting nine companies, including Ripple Labs, to participate in the digital lari project. Ripple was subsequently selected as the official technology partner for developing the digital lari.

Ripple’s Global CBDC Initiatives

Georgia’s central bank is not the only one working with Ripple on CBDC development. Ripple Labs has been involved in CBDC pilots in several countries, including Colombia, Bhutan, Palau, and Montenegro. Ripple’s support for global CBDC development was highlighted in a 23-page white paper released in late 2023. The paper emphasized the need for CBDCs to support the positive impacts of asset tokenization, describing it as “an increasingly targeted mechanism for transforming tangible assets into digital tokens stored on the blockchain.”

Potential Benefits and Concerns

While companies like Ripple advocate for CBDC development, some critics express concerns about potential drawbacks, such as privacy issues and government surveillance. Despite these concerns, Ripple continues to push for innovation and digital transformation in the financial sector.

The collaboration between Ripple and the National Bank of Georgia signifies a crucial step towards modernizing Georgia’s financial infrastructure and integrating advanced digital solutions. As the partnership evolves, it will be interesting to see how it influences the broader adoption of CBDCs and digital financial technologies globally.

MiEthereum is a technology publication with a focus on spotlighting founders and builders that are improving the world of technology
Recent Articles

How to Get Your First Job in Crypto