National Bank of Georgia Picks Ripple as Tech Partner for CBDC Pilot
The National Bank of Georgia partnered with Ripple, the cryptocurrency company, on November 3rd, 2023. They will develop the bank’s digital currency (CBDC) project together. They picked Ripple for Georgia’s CBDC pilot from nine other companies.
Ripple CBDC: A New Era of Cooperation and Innovation
In July 2023, Ripple was recognized by Currency Research for its contributions to digital currency growth and development. They were praised for their sustainability initiative and for fostering innovation in CBDCs.
Ripple often partnered with organizations to create and use CBDCs, like the National Bank of Georgia, for the digital lari project.
Ripple worked with Colombia’s central bank, Banco de la República, to study blockchain technology in the digital peso pilot. They used the Ripple Central Bank Digital Currency Platform.
Cryptocurrency Payments: Laying the Groundwork for the Digital Lari
The National Bank of Georgia announced its intention to start a limited-access pilot for its CBDC project in September. After that, it carefully chose nine companies for evaluation from a large group of candidates.
The process had two phases. In the first phase, shortlisted candidates submitted a Project Execution Plan (PEP). In the second phase, they demonstrated their technology solutions.
The bank evaluated the applicants’ support for the pilot program. They chose Ripple Labs as their preferred technology partner.
The committee of experts from the National Bank of Georgia made the decision after a competition.
The National Bank of Georgia announced on November 3rd that Ripple Labs will be its official technology partner. They will work together on a pilot project to create a digital lari, which is the country’s central bank digital currency (CBDC).
According to Ripple’s press release, the National Bank of Georgia and Ripple will work together to plan and carry out a pilot program using the Ripple CBDC Platform.
The National Bank of Georgia said that Ripple’s CBDC technology will help develop the digital lari. It will also enhance the infrastructure for cryptocurrency payments.
The committee focused on understanding the project goals and how it will be used. They are fully committed to the project’s success. Moreover, they have a clear plan for developing the project, and they will follow best practices for business continuity. It will help them to gradually deploy the project for consistent use.
After finishing the selection phase, NBG will move on to the pilot stage. They will test the Ripple CBDC platform in real life to assess specific use cases.
The Ripple CBDC Platform was chosen because it provides a complete solution for central banks, financial institutions, and governments. It allows them to easily create, control, trade, and exchange CBDCs.
“The National Bank of Georgia is taking a global lead in exploring how it can use blockchain technology to take its economy into the digital era,” said James Wallis, VP of central bank engagements and Ripple CBDCs.
Binance Stablecoin: A Model for Developing Your Own Digital Currency
Just like Binance stablecoin, BUSD, you can create your stablecoin solution.
The first step is to choose a stable item to back your stablecoin. Afterward, choose a suitable blockchain infrastructure and tools to develop your stablecoin. When selecting a blockchain for your company, you should think about how secure, scalable, and interoperable it is.
Additionally, it is important to consider liquidity preservation. The stability of a stablecoin and its connection to the asset it is backed by rely on the liquidity strategy of your company. Knowing the total amount of liquidity needed to generate and maintain your stablecoin is crucial for its success.
Finally, launch and test your stablecoin.
