Kelvin Daminabo
Ripple, a prominent company in blockchain and payment solutions, recently engaged in discussions with the National Bank of Georgia (NBG) to investigate potential opportunities for cooperation in digitalizing the economy of Georgia. The meeting, held in Tbilisi, involved Ripple’s Vice President James Wallis, Alistair Brown, Vice President of EPAM Systems, NBG’s Acting Governor Natia Turnava, and Varlam Ebanoidze, Head of the Financial and Supervisory Technology Development Department.
Although specific details of the meeting were not disclosed, a representative from the central bank confirmed that the focus was on exploring potential avenues for collaboration in digitizing Georgia’s economy. This meeting comes after Ripple was designated the official technology partner for creating Georgia’s central bank digital currency (CBDC), the digital lari, in late 2023.
The pilot program is designed to assess Ripple’s CBDC technology and its feasibility for use by the public sector, businesses, and retail consumers. It remains uncertain if the recent discussions were linked to the digital lari initiative. Should Ripple and NBG collaborate, it could lead to significant progress in Georgia’s digital economy, leveraging blockchain technology for efficient and secure payment solutions.
With the increasing global acceptance of digital currencies and blockchain technology, this meeting underscores the potential for inventive financial solutions. The outcome of these discussions might pave the way for further advancements in the digital transformation of Georgia’s economy and open up opportunities for similar partnerships in the region.