Ripple collaborates with National Bank of Georgia to digitize economy Future plans for XRP discussed
Ripple, a leading blockchain company and the largest holder of XRP, is broadening its partnership with the Republic of Georgia to digitalize the local economy. Working closely with the National Bank of Georgia (NBG), this endeavor represents a significant stride towards establishing a fully digital financial system within the nation.
A pivotal meeting took place on June 8, attended by Natia Turnava, Acting Governor of the NBG, Varlam Ebanoidze, Head of the Bank’s Financial and Supervisory Technology Development Department, and James Wallis, Vice President of Central Bank Engagements at Ripple.
The NBG publicized this meeting through a LinkedIn post, emphasizing their aim to enhance collaboration in financial technology and digitalization. Alistair Brown from EPAM Systems, Ripple’s partner in software engineering and digital product design, was also introduced to the Georgian officials.
Building upon an existing partnership, where Ripple serves as the technological partner for NBG’s pilot Central Bank Digital Currency (CBDC) project, known as the Digital Lari, the collaboration with EPAM is set to further advance their efforts.
Expanding on CBDC collaboration, the NBG announced plans in September 2023 to accelerate CBDC research, inviting nine companies, including Ripple Labs, to participate in the Digital Lari project. Ripple Labs was selected as the official technology partner to explore additional avenues for digitizing the Georgian economy.
This role involves implementing and launching the Digital Lari pilot program using Ripple’s newly introduced CBDC Platform, which will assess the potential uses and benefits of the Digital Lari for the public sector, businesses, and retail users.
Ripple’s impact in the global financial sector is gaining momentum, with reports indicating that 80% of banks in Japan have engaged with Ripple for blockchain payment solutions. Ripple’s involvement in CBDC initiatives extends beyond Georgia to countries like Colombia, Bhutan, Palau, Montenegro, among others, underscoring its essential role in the digital transformation of central banking systems worldwide.
As Ripple expands its reach and solidifies partnerships with central banks, its native cryptocurrency, XRP, stands to experience significant implications. Despite a recent 3.60% decline in value, trading at $0.48, ongoing collaborations and advancements in CBDC projects are expected to enhance investor confidence in XRP, potentially resulting in positive market performance. Some analysts even foresee a potential increase in XRP’s value if BRICS countries contemplate adopting it.
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