Ripple collaborates with National Bank of Georgia to digitalize economy What lies ahead for XRP
Ripple, a leading blockchain company and the largest holder of XRP, is expanding its partnership with the Republic of Georgia to modernize the local economy.
In collaboration with the National Bank of Georgia (NBG), this initiative represents a significant move towards establishing a fully digital financial system in the country.
During a high-level meeting on June 8, Natia Turnava, Acting Governor of the NBG, Varlam Ebanoidze, Head of the Bank’s Financial and Supervisory Technology Development Department, and James Wallis, Vice President of Central Bank Engagements at Ripple, came together to discuss the partnership.
The NBG shared this meeting on LinkedIn, emphasizing the goal of enhancing cooperation in financial technology and digitalization. Alistair Brown from EPAM Systems, Ripple’s partner in software engineering and digital product design, was also introduced to the Georgian officials.
Building on their existing collaboration, where Ripple serves as the technological partner for NBG’s pilot Central Bank Digital Currency (CBDC) project, known as the Digital Lari, the partnership with EPAM aims to further develop the project.
In September 2023, the NBG announced plans to advance CBDC research and invited nine companies, including Ripple Labs, to participate in the Digital Lari project.
Ripple Labs was chosen as the official technology partner to explore additional digitization opportunities for the Georgian economy. They will be responsible for executing and delivering the Digital Lari pilot program using Ripple’s newly launched CBDC Platform to assess the potential uses and benefits for the public sector, businesses, and retail users.
Ripple’s influence in the global financial sector continues to grow, with partnerships in countries like Japan, Colombia, Bhutan, Palau, and Montenegro for CBDC pilots. These partnerships highlight Ripple’s significant role in the digital transformation of central banking systems worldwide.
As Ripple expands its reach and solidifies partnerships with central banks, the native cryptocurrency XRP is expected to experience significant implications. Despite a recent 3.60% decrease in value, trading at $0.48, ongoing collaborations and progress in CBDC projects are likely to boost investor confidence in XRP and potentially lead to positive market performance. Analysts also anticipate a rise in XRP’s value if BRICS countries consider adopting it.
