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Ripple Strengthens Partnership with National Bank of Georgia to Digitize Local Economy

Hassan Shittu
Last updated: | 2 min read
Ripple Strengthens Partnership with National Bank of Georgia to Digitize Local Economy

Ripple, a major cryptocurrency firm, is strengthening its collaboration with the Republic of Georgia by exploring ways to digitize the local economy in partnership with the National Bank of Georgia (NBG).

Ripple continues to deepen its CBDC collaboration with the Republic of Georgia by exploring ways to digitize the local economy.

National Bank of Georgia Explores Further Collaboration with Ripple and EPAM Systems for Digitalization Initiatives

On June 8, Natia Turnava, Acting Governor of the National Bank of Georgia, and Varlam Ebanoidze, Head of the Financial and Supervisory Technology Development Department, met with James Wallis, Vice President of Central Bank Engagements at Ripple. The meeting focused on enhancing cooperation in financial technology and digitalization.

In a LinkedIn post, the NBG officially announced the meeting, where Wallis introduced Georgian officials to Alistair Brown from EPAM Systems, a key partner of Ripple. EPAM Systems, headquartered in Newtown, Pennsylvania, is known for its expertise in software engineering, digital platform engineering, and digital product design. The company’s name stands for “Effective Programming for America.”

Wallis expressed his appreciation, stating,

“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.”

The meeting discussed potential collaboration opportunities to further the digitalization of Georgia’s economy. This initiative builds upon the existing partnership between NBG and Ripple, where Ripple serves as the technological partner for NBG’s pilot Central Bank Digital Currency (CBDC) project, the digital ari.

The NBG had previously announced plans to advance CBDC research in September 2023, inviting nine companies, including Ripple Labs, to participate in the digital lari project. Following a rigorous selection process involving nine companies, Ripple emerged as the preferred partner for the Georgian Bank based on its technological prowess, maturity, capacity, relevant experience, and commitment to the initiative.

Ripple’s partnership with NBG entails executing and delivering the Digital Lari pilot program using the recently launched Ripple CBDC Platform. This platform will evaluate potential use cases of the Digital Lari and assess its benefits for the public sector, businesses, and retail users.

Ripple’s Growing Influence: 80% of Japanese Banks Partnered, Expanding CBDC Solutions Globally

A June update from CNF reveals that 80% of banks in Japan have opted to partner with Ripple for blockchain payment solutions. This showcases Ripple’s technology’s capability to facilitate faster and more cost-effective transactions.

Such widespread adoption globally highlights Ripple’s growing influence. It opens the stage for new collaborations, including its ties with Georgia, where Ripple’s advanced blockchain solutions are poised to transform financial systems on a global scale.

Georgia is not alone in exploring CBDC solutions with Ripple. The firm has been partnering with several countries on similar initiatives, including Bhutan, Montenegro, Colombia, and Palau. Ripple’s global involvement in CBDC development showcases its significant role in supporting the digital transformation of central banking systems worldwide.

Colombia’s Central Bank, Banco de la República, previously collaborated with Ripple to explore blockchain technology use cases for its Digital Peso pilot, leveraging the same CBDC platform. This partnership, which involved the Ministry of Information and Communications Technologies (MinTIC) and blockchain technology firm Peersyst Technology, aimed to assess the potential efficiencies of a solution using the CBDC platform.

Ripple’s significant contributions to advancing digital currency solutions were recognized during the 2023 Digital Currency Conference, where Currency Research awarded it an award for its role in the Advancement in Digital Currency and Best Sustainability Initiative.

As of now, Ripple (XRP) is trading at $0.4975, marking a slight increase of 0.78% over the past day despite a decrease of 3.60% over the past week.