Published on juni 10, 2024, 11:31 am
Image source: Fox News
```json { "TLDR": "Ripple is deepening its partnership with Georgia's National Bank to digitize the local economy, extending their collaboration from the digital lari project. This move aligns with Ripple's involvement in CBDC projects globally, aiming to facilitate asset tokenization through technology partnerships." } ```
Ripple, a major cryptocurrency firm, is strengthening its collaboration with the Republic of Georgia as they look into ways to digitize the local economy in partnership with the National Bank of Georgia (NBG). The acting governor of NBG, Natia Turnava, and Varlam Ebanoidze recently met with Ripple executive James Wallis to discuss enhancing cooperation in financial technology and digitalization. This significant move was officially announced by the Georgian central bank in a LinkedIn post on June 8.
During the meeting, Wallis, serving as vice president of central bank engagements at Ripple, introduced Alistair Brown from EPAM Systems to the Georgian officials. EPAM Systems is headquartered in Newtown, Pennsylvania, and specializes in software engineering services alongside digital platform engineering and digital product design. The discussions centered around finding potential avenues for collaboration to digitize the Georgian economy.
This latest endeavor builds upon the existing partnership between NBG and Ripple where Ripple plays a crucial role as the technological partner for NBG’s pilot CBDC project known as the digital lari. Ripple Labs was chosen as the official technology partner for developing digital lari amongst nine companies invited by NBG back in September 2023.
The collaboration with Georgia adds to Ripple’s involvement in various other CBDC pilots globally including countries like Colombia, Bhutan, Pulau Montenegro among others. In support of global CBDC development efforts, Ripple reinforced its stance with a 23-page white paper focused on why CBDCs are essential to facilitate asset tokenization effectively.
While companies such as Ripple champion CBDC development initiatives like this one with Georgia’s central bank, concerns regarding privacy and government surveillance related to CBDCs have also emerged among critics. Despite these challenges, initiatives like these showcase a significant step towards advancing digital innovation within traditional financial systems.
Original article posted by Fox News
