Ripple Lands in Georgia to Digitize Their Economy

Sahana Kiran
Source – PYMNTS

The Republic of Georgia is pioneering its efforts to modernize its financial sector by forging a partnership with Ripple. This collaboration is aimed at digitizing Georgia’s economy, promising enhanced financial inclusion, efficiency, and transparency. Over the weekend, the National Bank of Georgia [NBG] announced a significant meeting between its top officials and Ripple executives.

Natia Turnava, the acting governor of NBG, and Varlam Ebanoidze, head of the bank’s Financial and Supervisory Technology Development Department, met with James Wallis, Ripple’s Vice President of Central Bank Engagements. The discussions were focused on strengthening cooperation in financial technology and exploring opportunities for economic digitalization in Georgia. During the meeting, Wallis introduced Alistair Brown from EPAM Systems, a partner in digital solutions, making a deeper technological and operational collaboration. He added

“It was an honor to be back in Tbilisi and to introduce Alistair Brown from our partner EPAM Systems to NBG Acting Governor Natia Turnava.”

The inclusion of EPAM Systems underscores the essential role of integrating advanced fintech solutions to drive the digital transformation agenda.

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Georgia’s Digital Lari Initiative

This recent meeting further builds on a prior agreement from late 2023. Ripple was appointed as the official technology partner for developing Georgia’s central bank digital currency [CBDC], the digital lari. The pilot project aims to test CBDC technology across various sectors. This includes public services, businesses as well as retail. The pilot also acts as a critical test for future blockchain solutions. This collaboration with Ripple represents a strategic step to align Georgia’s financial infrastructure with cutting-edge blockchain technology.

Furthermore, it should be noted that Georgia is not alone in exploring CBDC solutions with Ripple. The firm has been partnering with several countries for the same. This includes Bhutan. Montenegro, Colombia, and Palau.

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