The Central Bank of Georgia announced the preparation of a pilot project to launch a state cryptocurrency, within the framework of which it is planned to select one partner to work on the digital lari.
Nine companies will participate in the pilot project, including the American company Ripple. Based on the testing results, the Central Bank of Georgia will select one partner who will help the regulator in developing CBDC. Therefore, now the central bank remains “technologically independent” and is considering a variety of solutions to create a digital lari.
The head of the financial technology department of the National Bank of Georgia, Varlam Ebanoidze, said that digital lari, among other applications, can be used for insurance in agriculture and automation of real estate transactions.
“We would like to integrate into the European Union and ensure compatibility with the digital euro, but at the same time have monetary independence,” said Ebanoidze.
In June , it was reported that the Georgian authorities entered into a strategic partnership with Tether, the company behind the largest stablecoin USDT. The company should help Georgia build a national blockchain infrastructure.
