International company Ripple becomes technology partner for National Bank’s digital GEL pilot project
In his turn, James Wallis, the Vice President of Central Bank Engagements at Ripple, noted the National Bank was “taking a global lead” in exploring how it can use Blockchain technology to “take its economy into the digital era”. Photo: Nino Alavidze/Agenda.ge
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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.
The leading cross-border payments network Ripple that helps financial institutions integrate Blockchain technology and mint digital assets was chosen for “its ability to provide central banks, financial institutions, and governments with holistic end-to-end solutions”. The company is currently managing five pilot programmes with different countries' governments and central banks.
We were pleased to select Ripple as the official technology partner for our Digital Lari pilot project following a thorough review of all shortlisted parties. The committee selected Ripple due to its technical excellence and the expertise of its team”, Natia Turnava, the Acting Governor of the NBG said.
In his turn, James Wallis, the Vice President of Central Bank Engagements at Ripple, noted the National Bank was “taking a global lead” in exploring how it can use Blockchain technology to “take its economy into the digital era”.
Our partnership with NBG demonstrates our commitment to driving innovation and efficiency, ultimately empowering public entities to unlock the full potential of secure and transparent Blockchain transactions”, he added.
The execution and the gradual rollout plan for the digital currency project will be jointly planned by the NBG and the Ripple company.
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.
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.
Georgian economy minister Levan Davitashvili on Thursday highlighted the development of the country's digital economy and challenges facing the sector at the 12th Regional Cyber Security and IT Innovation Conference, the ministry of economy announced.
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.