The Central Bank of Georgia plans to involve Ripple Labs in the digitalization of the country's economy
Date: 2024-06-10 Author: Gabriel Deangelo Categories: BUSINESS
Meeting in Tbilisi: key participants
An important meeting took place in Tbilisi between representatives of the National Bank of Georgia (NBG) and the management of Ripple Labs. The purpose of this meeting was to discuss the participation of Ripple Labs in projects aimed at digitalizing the Georgian economy. Among the meeting participants were:
- Natia Turnava, acting chairman of the NBG
- Varlam Ebanoidze, Head of the Department for Development of Financial and Supervisory Technologies of the NBG
- James Wallis, Vice President of Ripple Labs
- Anthony Welfer, founder of the Commercializing Blockchain Research Center project
According to information published on LinkedIn, the meeting was dedicated to exploring “potential areas of cooperation in the digitalization of the Georgian economy.” Specific details of the discussion have not yet been disclosed, but both sides expressed interest in continuing the dialogue and developing joint projects.
Ripple Labs and CBDC
The collaboration between the National Bank of Georgia and Ripple Labs began with a pilot project to launch a central bank digital currency (CBDC). This project was announced in November 2023 and has already become an important part of the digitalization strategy of the Georgian economy. Ripple Labs provides the platform that is being used to implement CBDC in various countries, including Palau, Montenegro, Colombia, Bhutan and Hong Kong.
Market reaction
Amid news of the meeting and possible cooperation, the XRP token (XRP) remained virtually unchanged in its value. According to TradingView data, the asset is showing a slight drawdown: on the daily chart the decline is 0.54%, and on the weekly chart - 3.41%.
The National Bank of Georgia continues to actively develop its digital initiatives, and cooperation with Ripple Labs is an important step in this direction. The introduction of digital technologies and the creation of CBDC can significantly strengthen the country’s financial system and increase its competitiveness in the international arena.
