According to U.Today, the Republic of Georgia is considering a partnership with Ripple to further digitize its economy. The National Bank of Georgia (NBG) has held discussions with Ripple's leadership, including Vice President James Wallis and Anthony Welfare, a key figure in the development of the Central Bank Digital Currency (CBDC). The aim of these discussions is to identify potential areas of cooperation to advance the digitization of Georgia's economy. Although specific details of the discussions have not been disclosed, they signify progress in incorporating advanced blockchain solutions into the country's financial infrastructure.
Ripple, known for its expertise in digital cross-border payments, will serve as the technology partner for the NBG's digital lari pilot project, which is set to begin in 2023. Despite the significance of this meeting, the cryptocurrency associated with Ripple, XRP, showed a minimal market reaction, with a slight decrease of 0.22% on the daily trading chart.
The potential collaboration between Ripple and the NBG emphasizes Georgia's dedication to utilizing technology for financial advancement. Notably, Tether, another significant crypto company, signed a memorandum of understanding with the Georgian government nearly a year ago. Tether's involvement aims to position Georgia as a hub for peer-to-peer and blockchain technologies, thereby promoting innovation and economic growth.
The collaboration between Ripple and the NBG, along with Tether's involvement, underscores Georgia's pragmatic approach to economic development and indicates a promising future for digital innovation in the country.