Georgia is preparing a limited trial version of a central bank digital currency (CBDC), considering Ripple among the digital currencies. ScrgruppEn

At National Bank of Georgia (NBG). Announce It will develop its research on the Lari Central Bank Digital Currency (CBDC) in a limited-access live demo environment. Nine companies, including Ripple Labs, will participate in the project, one of which will be selected to advance to the next stage of testing.

In paper Released In February, NBG said it was considering a two-tier design for its digital currency, with wallets provided by a third party. It will be programmable and support asset markup.

In an interview in June, Varlam Epanoidze, head of fintech at NBG, said: He said Use cases for digital lari, or GEL, include providing agricultural insurance and automating real estate transactions. he added:

“We are thinking about integrating into the European Union and want to be interoperable with the digital euro, but we have monetary freedom.”

The National Central Bank announced that it is considering issuing a central bank digital currency in May 2021, without providing a timetable for this. NPG Announce In January, it was soliciting expressions of interest from fintech companies to participate in a limited live pilot program.

Related: The Central Bank of Georgia is preparing legislation to regulate the cryptocurrency market

NPG Announce On September 8, it will participate as an observer in the Bank for International Settlements (BIS)’s mBridge project – which includes China, Hong Kong, Thailand and the United Arab Emirates – joining about 10 other observer countries. It said it would “also benefit from the knowledge and experience” of the Bank for International Settlements’ Aurum project.

In addition to Ripple, participants in the pilot include Augentic, Bitt, Broxus Holdings, Currency Network, DCM, eCurrency Mint, FARI Solutions, and Sovereign Wallet. Ripple is known to participate in CBDC projects around the world, and is active in countries such as Colombia, Montenegro, Hong Kong, Bhutan, and Palau.

Magazine: In Georgia, cryptocurrencies are a crucial tool for refugees fleeing war

Latest news about Bitcoin, Ethereum, Blockchain, Altcoin, Litecoin, Ripple, Mining, Policy and Regulations, Cryptocurrency prices, and Technology

Related Articles

Back to top button