Ripple, a leading cryptocurrency firm, is strengthening its partnership with the Republic of Georgia, aiming to spearhead the digitization of the local economy in collaboration with the National Bank of Georgia (NBG).

The NBG, represented by Acting Governor Natia Turnava and Varlam Ebanoidze, Head of the Financial and Supervisory Technology Development Department, recently engaged in discussions with Ripple executive James Wallis to explore avenues for enhancing cooperation in financial technology and digitalization.

In an official announcement on June 8, the Georgian central bank revealed the meeting, emphasizing Ripple's commitment to advancing digital initiatives in Georgia. During the session, Wallis introduced Alistair Brown from Ripple's partner EPAM Systems, a leading provider of software engineering services and digital platform engineering.

Expressing his gratitude, Wallis stated, "It was an honor to be back in Tbilisi and to introduce Alistair Brown from our partner EPAM Systems to NBG Acting Governor Natia Turnava."

The discussion centered on identifying potential areas of collaboration to accelerate the digitization of Georgia's economy, building upon the existing partnership between NBG and Ripple. Ripple has been actively involved as the technological partner in NBG's pilot Central Bank Digital Currency (CBDC) project, known as the digital lari.

Since the announcement of its CBDC research initiative in September 2023, NBG has been collaborating with Ripple Labs and other firms to explore the implementation of digital lari. Ripple Labs emerged as the chosen technology partner, further solidifying its role in Georgia's CBDC journey.

Beyond Georgia, Ripple has been actively engaged in CBDC pilots worldwide, collaborating with central banks in Colombia, Bhutan, Palau, Montenegro, and other nations. The firm's commitment to global CBDC development was underscored in a comprehensive white paper released in late 2023, highlighting the pivotal role of CBDCs in asset tokenization and digital transformation.

While Ripple and other proponents advocate for CBDC adoption, concerns persist regarding potential drawbacks, including privacy issues and government surveillance. However, Ripple remains steadfast in its mission to drive positive transformation through digital innovation, as evidenced by its ongoing partnerships and initiatives in Georgia and beyond.