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Ripple Teams Up with Georgia to Push Digital Economy Forward

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Ripple has partnered with the National Bank of Georgia to advance the country’s digital economy.

This collaboration will leverage Ripple’s blockchain technology to promote innovation and growth in Georgia’s financial sector.

Also, the initiative seeks to enhance the country’s digital infrastructure and streamline financial services.

Ripple Partners with Georgia to Boost Digital Economy

Ripple is strengthening its partnership with the Republic of Georgia to help digitize the local economy.

This initiative involves collaboration with the National Bank of Georgia (NBG).

NBG’s acting governor, Natia Turnava, and another top official recently met with Ripple executive James Wallis.

Also, this meeting aimed to discuss the enhancement of the country’s financial technology.

Further, the Georgian central bank announced the meeting publicly on LinkedIn.

At the meeting, Wallis introduced Alistair Brown, who works with Rippl’s partner company, the EPAM system.

Afterward, Wallis expressed his excitement about the collaboration.

Also, he emphasized the potential for innovation and growth in Georgia’s financial sector.

For context, EPAM Systems, based in Newtown, Pennsylvania, helps businesses design and build digital tools and software.

Notably, the meeting shows that Ripple is getting more involved with Georgia’s plan to make their financial system more digital.

Ripple’s History with Georgia

The meeting between Ripple and Georgiá National Bank wasn’t their first collaboration.

In September 2023, the NBG announced plans to explore central bank digital currencies (CBDCs).

Moreover, the bank invited nine companies, including Ripple, during this exploration.

It demanded their participation in a pilot project for a digital version of their currency, the lari.

Out of those companies, Ripple Labs emerged as the official technology partner for developing this digital lari.

So, this new meeting builds on that existing partnership.

Ripple’s Global CBDC Push

This isn’t the only time Ripple has gotten involved with CBDC development.

Notably, the blockchain company has collaborated with central banks in other countries.

These include Colombia, Bhutan, Montenegro, and more.

Moreover, Ripple is a big supporter of CBDCs worldwide.

It has published a detailed report highlighting the potential benefits of CBDCs, like making it easier to convert real-world assets into digital tokens stored on a blockchain.

However, while Ripple sees the advantages of CBDCs, some people have concerns.

They worry that these digital currencies could lead to privacy issues and give governments too much control over people’s money.

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