The company behind the cryptocurrency XRP, Ripple, has struck a deal with the Republic of Georgia to digitize the local economy. Top officials from the National Bank of Georgia (NBG) recently met with the crypto firm’s executives to boost alliance in financial technology and digitalization.
National Bank Of Georgia Banks On Ripple’s Technology To Digitize Economy
Ripple, a leading provider of enterprise blockchain solutions for cross-border payments, is strengthening ties with the Republic of Georgia.
According to a LinkedIn post on June 8 by the National Bank of Georgia, Natia Turnava, acting governor of the NBG, and Varlam Ebanoidze, head of the bank’s financial and supervisory technology development department, had discussions with Ripple’s vice president of central bank engagements, James Wallis.
The purpose of the meeting was to determine areas of collaboration in promoting the digitization of the Georgian economy. During the meeting, Wallis introduced the Georgian representatives to Alistair Brown, an official at Ripple’s partner EPAM Systems. While specific details of the meeting are scanty, the talks signal progress in incorporating cutting-edge blockchain solutions into the nation’s financial infrastructure.
Previous Ripple And Georgia Partnership
The new initiative builds on the previous alliance between the Georgian central bank and Ripple, where the San Fransciso-headquartered blockchain payments company serves as the official technology partner for creating lari, its central bank digital currency (CBDC) project.
Back in July 2023, Ripple was hailed by Currency Research for its contributions to digital currency advancement and the most promising sustainability initiative, specifically for its role in promoting innovation in the CBDC sector.
Ripple’s Global CBDC Endeavors
Before the collaboration with the NBG for the digital lari project, Ripple had notably aligned itself with financial institutions looking to foray into CBDC developments.
Ripple previously teamed up with Colombia, Palau, and Bhutan, among others, to create digital versions of their national currencies. Ripple released a 23-page white paper last December, reiterating its belief in the potential of central bank digital currencies to boost financial inclusion, streamline cross-border payments, and support monetary policy control.
Ripple’s continued growth comes despite ongoing legal woes stemming from a Securities and Exchange Commission (SEC) case against the firm lodged in December 2020. The legal battle is now headed for a conclusion after both Ripple and the securities regulator filed final responses. Analysts anticipate a final judgment around September when Judge Analisa Torres will rule on the appropriate remedies.
As Ripple garners more large-scale adoption and the long-standing lawsuit nears climax, crypto enthusiasts will closely watch the company’s growth as ultra-bullish use cases look poised to catapult XRP to new historic highs with bulls eying the $3 aspirational level.
XRP is changing hands at $0.4974 as of publication time, a -0.1% change over the last 24 hours.
