The Republic of Georgia, formerly part of the Soviet Union, is taking further steps to digitize its economy through a potential collaboration with Ripple. Representatives from the National Bank of Georgia (NBG) recently met with the crypto company’s leadership, including James Wallis, Vice President, and Anthony Welfare, a key figure in the development of the CBDC.The purpose of the meeting was to identify areas of cooperation in advancing the digitization of the Georgian economy. While specific details remain undisclosed, the discussions represent progress in integrating advanced blockchain solutions into the country’s financial infrastructure.
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Moreover, Ripple, with its expertise in digital cross-border payments, serves as the technology partner for the NBG’s digital lari pilot project beginning in 2023.Despite the importance of the recent meeting, the cryptocurrency associated with Ripple, XRP, showed minimal market reaction, with a marginal decline of 0.22% on the daily trading chart, according to TradingView data.The collaboration between Ripple and NBG underscores Georgia’s commitment to leveraging technology for financial progress. Notably, Tether, another major crypto company, signed a memorandum of understanding with the government of Georgia almost a year ago. Tether’s involvement aims to establish Georgia as a center for peer-to-peer and blockchain technologies, fostering innovation and economic development.
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The collaboration between Ripple and the NBG, along with Tether’s involvement, highlights Georgia’s pragmatic approach to economic development and points to a promising future for digital innovation in the country.