Ripple, the prominent blockchain company and largest holder of XRP, is expanding its collaboration with the Republic of Georgia to digitize the local economy.
In partnership with the National Bank of Georgia (NBG), this initiative marks a significant step toward establishing a fully digital financial system in the country.
On June 8, a high-level meeting took place between Natia Turnava, Acting Governor of the NBG, Varlam Ebanoidze, Head of the Bank’s Financial and Supervisory Technology Development Department, and James Wallis, Vice President of Central Bank Engagements at Ripple.
The NBG announced this meeting through a LinkedIn post, highlighting the goal to enhance cooperation in financial technology and digitalization.
Alistair Brown from EPAM Systems (Effective Programming for America), Ripple’s partner in software engineering and digital product design, was also introduced to the Georgian officials.
The collaboration with EPAM builds on an existing partnership where Ripple serves as the technological partner for NBG’s pilot Central Bank Digital Currency (CBDC) project, known as the Digital Lari.
Expanding CBDC collaboration
In September 2023, the NBG announced plans to advance CBDC research, inviting nine companies, including Ripple Labs, to participate in the Digital Lari project.
Ripple Labs was selected as the official technology partner, aiming to explore further digitization avenues for the Georgian economy.
This role includes executing and delivering the Digital Lari pilot program using Ripple’s newly launched CBDC Platform, which will evaluate the potential uses and benefits of the Digital Lari for the public sector, businesses, and retail users.
Global influence and future prospects
Ripple’s influence in the global financial sector is on the rise. Recently, it was revealed that 80% of banks in Japan have partnered with Ripple for blockchain payment solutions,
Ripple’s involvement in CBDC pilots extends beyond Georgia to countries like Colombia, Bhutan, Palau, Montenegro among others. These partnerships shows Ripple’s pivotal role in the digital transformation of central banking systems worldwide.
XRP price analysis
As Ripple expands its global footprint and strengthens its partnerships with central banks, its native cryptocurrency, XRP, is poised for significant implications.
XRP 7-day price chart. Source : Finbold
Despite a recent 3.60% decrease in value, trading at $0.48, the ongoing collaborations and advancements in CBDC projects are likely to boost investor confidence in XRP, potentially leading to positive market performance.
Additionally, some analysts predict a rise in XRP’s value if BRICS countries consider adopting it.
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