Georgia is taking a major step towards digital currency with the National Bank of Georgia (NBG) aiming to ensure that its central bank digital currency (CBDC), the digital lari, can interoperate with a future digital euro while maintaining the nation’s monetary independence. The NBG recently announced its plans to progress research on the digital lari CBDC within a confined live pilot environment. Nine firms have been enlisted for this venture, including Ripple Labs, and one of these participants will be chosen to progress to the subsequent phase of testing. The NBG envisaged a two-tier design where the digital wallets would be facilitated by a third-party entity. This proposed CBDC would not just be digital money; it would be programmable and would have the capability to support the tokenization of assets. Varlam Ebanoidze, the head of fintech at the NBG, highlighted that the CBDC could revolutionize sectors like agriculture by facilitating agricultural insurance and could also automate real estate transactions. In May 2021, the NBG hinted at the possibility of issuing a CBDC, and by January, they had actively sought interest from fintech companies to join a limited live pilot. The NBG has also gained observer status in the Bank of International Settlements’ (BIS) Project mBridge, which sees the collaboration of China, Hong Kong, Thailand, and the UAE. The pilot has drawn interest from diverse firms, including Ripple Labs, Augentic, Bitt, Broxus Holdings, Currency Network, DCM, eCurrency Mint, FARI Solutions, and Sovereign Wallet. Georgia is making substantial strides in the digital currency realm, showcasing its commitment to both technological advancement and potential EU integration. The inclusion of global giants like Ripple Labs in the pilot further underscores the significance and potential success of the digital lari initiative.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇬🇪 🇨🇳 🇭🇰 🇹🇭 🇦🇪 🇨🇴 🇲🇪 🇧🇹 🇵🇼 |
| Sentiment | positive |
| Relevance Score | 10 |
| People | Varlam Ebanoidze, BIS |
| Companies | Ripple Labs, eCurrency Mint, Sovereign Wallet, DCM, Bitt, Augentic, Currency Network, Bank of International Settlements, National Bank of Georgia, Broxus Holdings, FARI Solutions |
| Currencies | digital lari, Euro, Bitcoin, Ethereum |
| Securities | None |
