Ripple Collaborates with National Bank of Georgia for Digital Economy

In an effort to promote the digitization of the Georgian economy, the National Bank of Georgia (NBG) and San Francisco-based payments company Ripple have teamed. With this partnership, financial technology will be improved and the country’s central bank digital currency (CBDC) would be supported in its growth.

Acting Governor of NBG Natia Turnava and Head of NBG’s Tech Development Department Varlam Ebanoidze recently posted on LinkedIn about their meeting with Ripple executive James Wallis. The post was dated June 8. The conversation, which featured Vice President of EPAM Systems Alistair Brown, centered on possible areas of collaboration for digitizing the Georgian economy.

“Acting Governor of the National Bank of Georgia, Natia Turnava, along with Varlam Ebanoidze, Head of the Financial and Supervisory Technology Development Department, held a meeting with James Wallis, Vice President of Ripple, and Alistair Brown, Vice President of EPAM Systems, during their visit to Tbilisi,” the LinkedIn post mentioned. The Georgian lari is the national currency of Georgia.

Building on Previous Collaborations

This meeting marks a continued effort between Ripple and Georgia. Last fall, Ripple announced a partnership with NBG to pilot the digital lari, the country’s new CBDC program. James Wallis, vice president of central bank engagements at Ripple, praised NBG’s innovative approach at the time, stating, “The National Bank of Georgia is taking a global lead in exploring how it can use blockchain technology to take its economy into the digital era. By harnessing the power of the Ripple CBDC Platform, this pilot will pave the way for transformative advancements in the utilization of blockchain technology within the public sector.”

Ripple’s role as the technological partner for NBG’s digital lari project highlights the strategic importance of blockchain in modernizing financial systems. This partnership aims to establish a more efficient, transparent, and secure financial environment in Georgia, leveraging Ripple’s cutting-edge technology.

The collaboration between Ripple and the NBG signifies a significant step toward the digital future of Georgia’s economy. As this initiative progresses, it will likely serve as a model for other nations exploring digital currency solutions.