[NEWS] Ripple meets with National Bank of Georgia to discuss digitalization of the economy

It has been revealed that Ripple is working with the National Bank of Georgia to digitize the economy.

According to an announcement posted on LinkedIn by the National Bank of Georgia on the 8th, Acting Governor Natia Turnava and Varlam Ebanoidze, head of technology development at the bank, met with James Wallis, vice president of central banking at Ripple, and decided to strengthen cooperation on financial technology.

Also participating in the meeting was Alistair Brown, vice president of EPAM System. EPAM System is based in Newtown, Pennsylvania, and is known for its expertise in software engineering services, digital platform engineering, and digital product design.

Ripple is planning to expand its business in Georgia and has previously served as a technology partner for the National Bank of Georgia's pilot project for the central bank digital currency (CBDC), the lari (GEL). The pilot project was announced last September when the National Bank of Georgia invited nine companies, including Ripple, to participate.

At the time, Wallis said, "The National Bank of Georgia is a global leader in exploring how to use blockchain to move the country's economy into the digital age. By leveraging Ripple's CBDC platform, this pilot project paves the way for innovative advances in the use of blockchain in the public sector."

Positive attitude toward CBDC efforts

Ripple's efforts are not limited to Georgia. The company is actively involved in similar CBDC initiatives around the world, working with central banks in countries such as Colombia, Bhutan, Palau, and Montenegro.

Ripple's efforts to support the development of CBDCs globally can be seen in its white paper published last December. The white paper provides a comprehensive overview of CBDCs and describes their benefits, including enhanced financial inclusion, streamlined cross-border payments, and enhanced monetary policy management.

In addition, it also touches on the potential of asset tokenization, detailing the process of converting tangible assets into digital tokens on the blockchain. Ripple says it supports this as a key aspect of CBDC development.

Reference: Announcement
Image: Shutterstock

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