Ripple is strengthening its collaboration with the Republic of Georgia by working with the National Bank of Georgia (NBG) to explore ways to digitize the local economy.
Natia Turnava, the acting governor of the National Bank of Georgia, and Varlam Ebanoidze, head of the bank’s Financial and Supervisory Technology Development Department, recently met with Ripple executive James Wallis to enhance cooperation in financial technology and digitalization.
The Georgian central bank announced the meeting in a LinkedIn post on June 8.
At the meeting, James Wallis, Ripple’s vice president of central bank engagements, introduced Alistair Brown from Ripple’s partner EPAM Systems to the Georgian officials. Wallis expressed his enthusiasm, stating:
“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.”
EPAM Systems, based in Newtown, Pennsylvania, specializes in software engineering services, digital platform engineering, and digital product design. The name “EPAM” stands for “Effective Programming for America.”
According to the NBG‘s official statement, the discussion focused on exploring potential collaboration avenues for digitalizing Georgia’s economy.
This new partnership builds on the existing relationship between the NBG and Ripple. Ripple is the technological partner for the NBG’s pilot CBDC project, the digital lari.
The NBG announced plans to advance CBDC research in September 2023, inviting nine companies, including Ripple Labs, to participate in the digital lari project. Subsequently, Ripple Labs was selected as the official technology partner for developing the digital lari.
Georgia’s central bank is not alone in collaborating with Ripple on CBDC development. Ripple Labs is also involved in CBDC pilots in countries such as Colombia, Bhutan, Palau, Montenegro, and others.
Suumary Review: Ripple’s partnership with the National Bank of Georgia signifies a strong commitment to digitizing the Georgian economy. By leveraging Ripple’s expertise and technology, along with support from EPAM Systems, this collaboration aims to advance Georgia’s financial technology infrastructure. Ripple’s involvement in similar projects worldwide underscores its growing influence in the realm of digital currencies and central bank digital currencies (CBDCs).
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