Georgia chooses Ripple as a partner for its Digital Larry pilot.
The Central Bank of Georgia has partnered with Ripple to pilot the country's CBCC project, Digital Larry (GEL). The National Bank of Georgia has chosen Ripple as its technology partner and intends to jointly plan and deliver its pilot program. GEL uses the Ripple CBDC Platform powered by XRP Ledger (XRPL).
Ripple continues to see tremendous momentum in terms of adoption, with central banks, major financial institutions and governments integrating its cross-border payment technology.
According to a news report published on Thursday, the last phase is cooperation with the National Bank of Georgia (NBG).
News of the partnership comes just hours after the Dubai Financial Services Authority (DFSA) announced that it had approved Ripple's XRP for companies to integrate it into their digital asset services.
Georgia chooses Ripple for its Digital Larry pilot.
In today's announcement, Ripple is an official technology partner of the central bank, and will collaborate on the Ripple CBDC Platform through the country's Digital Larry (GEL). The selection was made after the competitively selected parties submitted their Project Implementation Plan (PEP) and technology demonstration.
“The committee selected Ripple for its technical excellence and team expertise. We look forward to moving forward with Ripple and are grateful to all other participating companies for their interest and efforts in the selection process,” said NBG Acting Governor Natia Ternava.
As reported, the pilot phase of the project will allow for the evaluation of practical use cases of GEL using Ripple's CBDC technology and potential benefits for public, business and retail users.
“We are currently conducting five pilot programs with governments and central banks of various countries,” NBG said in a press release. They include pilots in Bhutan, Hong Kong, Palau, Montenegro and Colombia. The company is involved with more than 20 countries globally.
Ripple's CBDC technology is powered by the XRP Ledger (XRPL).
