Economy Minister: Georgia close to introducing digital national currency in pilot mode
“Many countries are trying to switch to digital currency, [and the effort includes] the National Bank of Georgia, but much work remains to be done because it is not an easy process,” Davitashvili added. Photo: Nino Alavidze/Agenda.ge
Tweet 
Share
Georgia is approaching the stage where it will introduce a digital national currency in pilot mode, with a “full-scale change” to take several years, Economy Minister Levan Davitashvili said on Wednesday.
In a conference involving the National Bank of Georgia, United States Agency for International Development’s Economic Security Programme and the World Bank, Davitashvili noted the digitisation of the Georgian Lari would be an “important stage” for the development of financial services in the country, pointing out simplification, acceleration and cheapening of payment systems.
This will also simplify public services [...] more technology companies will enter Georgia and the country should be at the forefront of innovations with these changes,” Davitashvili said.
The Minister also stressed the importance of the digital transformation for the country’s development and called digitisation of services “the future” and a “top priority” for the country.
Many countries are trying to switch to digital currency, [and the effort includes] the National Bank of Georgia, but much work remains to be done because it is not an easy process,” Davitashvili added.
In mid-March, the Minister announced the establishment of the Digital Transformation Council in Georgia, which will seek to define the policy of digital transformation of the country's economy and develop relevant recommendations.
A digital transformation council will be established in Georgia, with the involvement of both the Government and private sector, in order to “fully transform” the economy and develop the field of information technology (IT), Levan Davitashvili, the Georgian Economy Minister, announced on Friday.
Macroeconomic parameters in Georgia are “very healthy and stable” and depreciation of the Georgian lari exchange rate is mainly caused by “emotional factors,” Georgian Economy Minister Levan Davitashvili said on Tuesday.
Important issues of strategic cooperation between Georgia and Azerbaijan were discussed on Friday in a meeting between Levan Davitashvili, the Georgian Economy Minister, and Ilham Aliyev, the President of Azerbaijan.
Georgian-Azerbaijani strategic cooperation and historic ties were discussed by Levan Davitashvili, the Georgian Economy Minister, and top officials of the host country, the Economy Ministry announced on Friday.
The Georgian capital of Tbilisi is scheduled to host the first post-pandemic regional digital summit on September 14, with the event set to promote digital cooperation and bring together delegates from European, Central Asian, South Caucasus states and China, Guram Guramishvili, the Georgian Deputy Minister of Economy and Sustainable Development, said on Tuesday.
The Georgian central bank plans to roll out a pilot scheme for a digital version of the national currency lari, governor Koba Gvenetadze said on Wednesday.
Ripple, one of the world's leading technology companies, has become the technology partner for the National Bank of Georgia’s digital Lari pilot project, the Bank announced on Thursday.
Levan Davitashvili, the Georgian Economy Minister and Bogdan-Gruia Ivan, the Minister of Research, Innovation and Digitalisation of Romania, on Thursday signed a deal for digital development involving ties in telecommunications, information technology and innovation.