Ripple Digaet Bank Sentral Georgia To Develop CBDC

Ripple has attracted the attention of various central banks for the development of digital money. (Photo; Doc. CoinseilsCrypto)

JAKARTA - The National Bank of Georgia (NBG) has selected Ripple Labs, a leading blockchain payment platform, as the official technology partner for their Central Bank Digital Currency (CBDC) project, known as Digital Run.

In an official statement from Ripple, it was revealed that this collaboration would involve implementing and sending a Digital Run Pilot program using the CBDC Ripple Platform. This platform will be used to evaluate potential use cases from Digital Run, with the aim of ensuring its utility for the public sector, business, and retail users.

Prior to becoming NBG's technology partner, Ripple had to go through a rigorous selection process. In September, the Bank Georgia announced its plans to continue its CBDC project by introducing a Limited Access Direct Pilot Environment. Therefore, they decided to choose a technology partner for the project.

Of the nine companies selected based on adequate technology potential criteria, maturity, capacity, relevant experience, and the desire to join exploration on the ground, Ripple was selected as one of them. Finally, Ripple emerged as a protocol chosen for the Running Digital project.

Ripple already has a high reputation as a leading company in terms of financial innovation. A few months ago, Currency Research awarded Ripple for its role in Digital Currency Advancement and Best Sustainability Initiative. This award was awarded to the company for its contribution to CBDC innovation.

Not only the Central Bank of Georgia, Ripple is also trusted by the Central Bank of Colombia, Banco de la Rep Rep. Rep.ublica, in piloting blockchain technology for the pilot Peso Digital by utilizing the CBDC Ripple Platform.