Ripple Explores Partnership with National Bank of Georgia to Digitize Economy
Ripple, a major cryptocurrency firm, is strengthening its relationship with the Republic of Georgia by working with the National Bank of Georgia (NBG) to explore opportunities to digitize the local economy.
Acting governor of the NBG, Natia Turnava, along with Varlam Ebanoidze, head of the bank’s financial and supervisory technology development department, recently met with Ripple executive James Wallis to discuss enhancing cooperation in financial technology and digitalization.
The official announcement of the meeting was made by the Georgian central bank on June 8 via a LinkedIn post. During the meeting, Wallis, who holds the position of vice president of central bank engagements at Ripple, introduced the Georgian officials to Alistair Brown from Ripple’s partner EPAM Systems.
“It was a pleasure to return to Tbilisi and introduce Alistair Brown from EPAM Systems to NBG Acting Governor Natia Turnava,” Wallis stated.
EPAM Systems, headquartered in Newtown, Pennsylvania, specializes in software engineering services, digital platform engineering, and digital product design. The company’s name is an acronym for “Effective Programming for America.”
The collaboration between Ripple and NBG aims to explore potential opportunities for digitalizing the Georgian economy. This partnership builds upon the existing relationship between the two entities, where Ripple is the technological partner for NBG’s pilot CBDC project known as the digital lari.
The NBG had previously announced plans to advance CBDC research and invited nine companies, including Ripple Labs, to participate in the digital lari project. Ripple Labs was subsequently selected as the official technology partner for the development of digital lari.
In addition to Georgia, Ripple Labs has been involved in CBDC pilots in countries like Colombia, Bhutan, Palau, Montenegro, and others. Ripple’s public support for global CBDC development was reiterated in a 23-page white paper released in late 2023, emphasizing the need for CBDCs to facilitate the positive impacts of asset tokenization.
While companies like Ripple are championing CBDC development, some critics have raised concerns about potential drawbacks such as privacy issues and government surveillance.