Nikolas Sargeant
Ripple, a major cryptocurrency firm, is enhancing its relationship with the Republic of Georgia by collaborating with the National Bank of Georgia (NBG) to explore digital economic solutions.
Natia Turnava, acting governor of the National Bank of Georgia, and Varlam Ebanoidze, head of the bank’s Financial and Supervisory Technology Development Department, met with Ripple executive James Wallis to further financial technology and digitalization efforts.
The Georgian central bank announced the meeting via a LinkedIn post on June 8. During the meeting, Wallis, Ripple's vice president of central bank engagements, introduced Georgian officials to Alistair Brown from Ripple’s partner, EPAM Systems.
“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,” Wallis said.
EPAM, based in Newtown, Pennsylvania, specializes in software engineering services, digital platform engineering, and digital product design. EPAM stands for “Effective Programming for America.”
Collaboration Builds on Existing Partnership
According to an official NBG statement, discussions focused on exploring new opportunities for digitizing the Georgian economy.
This new collaboration builds on the existing partnership between the NBG and Ripple, where Ripple serves as the technological partner for the NBG’s pilot CBDC project, the digital lari.
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 subsequently selected as the official technology partner for developing the digital lari.
Ripple Supports Global CBDC Initiatives
Georgia's central bank is not alone in its collaboration with Ripple on CBDC development. Ripple Labs is also involved in CBDC pilots in countries like Colombia, Bhutan, Palau, Montenegro, and others.
In late 2023, Ripple reinforced its support for global CBDC development in a 23-page white paper, stating, “CBDCs are needed to support the most significant positive impacts of asset tokenization, an increasingly targeted mechanism for transforming tangible assets into digital tokens stored on the blockchain.”
While companies like Ripple advocate for CBDC development, some critics raise concerns about potential drawbacks such as privacy issues and government surveillance.
