Major cryptocurrency firm Ripple is expanding its collaboration with the Republic of Georgia to explore digitalizing the local economy in partnership with the National Bank of Georgia (NBG). The deepened cooperation was highlighted during a meeting between Natia Turnava, the acting governor of the NBG, and Varlam Ebanoidze, head of the bank’s Financial and Supervisory Technology Development Department, with Ripple executive James Wallis.

James Wallis, Ripple’s vice president of central bank engagements, introduced Georgian officials to Alistair Brown, a representative of Ripple’s partner EPAM Systems, during the meeting on June 8. The NBG announced the meeting on LinkedIn, emphasizing the ongoing efforts to enhance financial technology and digitalization.

EPAM Systems, headquartered in Newtown, Pennsylvania, specializes in software engineering services, digital platform engineering, and digital product design. EPAM stands for "Effective Programming for America."

The discussions focused on exploring potential avenues for collaboration in digitalizing Georgia's economy, building on the existing partnership between NBG and Ripple. Ripple has been a key technological partner for NBG’s pilot central bank digital currency (CBDC) project, the digital lari. This project, announced in September 2023, involves several companies, including Ripple Labs, in developing the digital lari.

Ripple's involvement in Georgia's digital transformation is part of a broader strategy that includes CBDC projects in Colombia, Bhutan, Palau, Montenegro, and other nations. In late 2023, Ripple reiterated its commitment to global CBDC development in a 23-page white paper, emphasizing the importance of CBDCs in asset tokenization and digital transformation.

While Ripple's support for CBDC development is significant, it also raises concerns about potential drawbacks, such as privacy issues and government surveillance, which critics argue could accompany widespread CBDC adoption.