The Central Bank of Georgia will develop its digital currency with the help of the Ripple firm & some other fintech players.
Ripple is a San Francisco headquartered blockchain firm, known for global payment services. This company has its blockchain infrastructure to provide cross-payment with the help of XRP coin under a decentralized medium. Ripple also supports development activities in the XRPL ecosystem but all individuals & companies are free to use XRP coin in their own ways without obtaining any permission from Ripple labs.
Recently the National Bank of Georgia (NBG) officially partnered with Ripple to develop the country’s central bank digital currency (CBDC) called Digital Lari with the help of Ripple’s expertise in the blockchain sector.
Today, we announce a partnership with the National Bank of Georgia (NBG) on the Digital Lari (GEL) pilot project. The pilot will leverage Ripple’s award-winning #CBDC Platform to evaluate practical use cases & benefits for the public sector & businesses.🇬🇪 https://t.co/rtE3zxlAkm
— Ripple (@Ripple) November 2, 2023
Notably, Ripple is included in NBG’s partnership alongside Augentic, Bitt Inc., Broxus, Currency Network, DCM Corp, and others.
This San Francisco headquartered blockchain firm will help NBG to evaluate potential applications of the digital lari, & also bring benefits to government agencies, enterprises, and citizens.
Here Georgia is not the first country in partnership with Ripple. Currently, more than 20 Central banks are in talk with Ripple firms to develop their corresponding CBDC.
In July of this year, Ripple announced its partnership with Colombia to pilot blockchain technology on the XRP ledger (XRPL)
Ripple vs SEC
The last three years were not better for Ripple firm, as the United States Securities and Exchange Commission (SEC) sued Ripple over the sale of $1.3 billion worth of XRP coins publicly which was a violation of the Securities Act under the purview of the SEC body.
But last month, Ripple secured 100% victory in the XRP lawsuit and the SEC body officially decided to dismiss all the charges against Ripple labs.
Following the victory in the XRP lawsuit, Ripple is confidentially expanding its businesses in the US and other companies are showing support for Ripple which dragged their feet from Ripple in 2021 because of the company’s conflict with the financial regulators.
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