The National Bank of Georgia (NBG) has announced that it will advance its research on a digital lari central bank digital currency (CBDC) in a limited-access live pilot environment. Nine companies, including Ripple Labs, will take part in the project, and one of them will be selected to move forward to the next stage of testing.
In a paper released in February, the NBG stated that it was considering a two-tier design for its CBDC, with wallets provided by a third party. It would be programmable and support asset tokenization.
In an interview in June, NBG’s head of fintech, Varlam Ebanoidze, said that use cases for a digital lari, or GEL, include the provision of agricultural insurance and automation of real estate transactions. He added:
“We are thinking about integration into the European Union and we want to be interoperable with the digital euro, but have monetary freedom.”
The NBG announced that it was considering issuing a CBDC in May 2021, without providing a timeline for it. The NBG announced in January that it was soliciting expressions of interest from fintech firms to participate in a limited live pilot.
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Author: Derek Andersen
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