Georgia is preparing a limited live CBDC test and is evaluating the technology provider Ripple.
When contemplating EU membership for the nation, the digital lari emerges as a symbol of interoperability with the digital euro, all while safeguarding financial autonomy. The National Bank of Georgia (NBG) has unveiled its intention to propel research on a central bank digital currency ( CBDC ) called the digital lari, within a controlled, exclusive live pilot environment. Nine entities, including Ripple Labs, will actively participate in this project, with a single entity to be chosen for progression to the subsequent testing phase. In a report released in February, the NBG articulated its consideration of a dual-layered CBDC design, featuring third-party provided wallets. This innovative currency would be programmable and offer support for the tokenization of various assets. During an interview held in June, Varlam Ebanoidze, the NBG’s fintech lead, elaborated on potential applications for the digital lari, also known as GEL. These encompass facilitating agricultural insurance an...