Georgia to launch limited CBDC pilot project

Georgian flag Georgia flag crypt Bitcoin
Georgian flag Georgia flag crypt Bitcoin

The National Bank of Georgia will launch a pilot digital lari project with the participation of nine companies, including Ripple Labs. One of them will have the opportunity to continue working as part of the next stage of testing.

The list includes Augentic, Bitt, Broxus Holdings, Currency Network, DCM, eCurrency Mint, FARI Solutions and Sovereign Wallet.

The initiative is related to the authorities’ desire to join the EU. The CBDC is expected to achieve interoperability with the digital euro while maintaining monetary freedom.

According to a Bank of Georgia report, the regulator is considering a two-tier design for a new form of money, with wallets provided by a third party. It is expected to be programmable and support asset tokenization.

According to the head of the regulator’s fintech technology department, Varlam Ebanoidze, scenarios for using the digital lari include providing insurance to companies in the agricultural sector and automating real estate transactions.

In September, the Bank of Georgia became a participant in the mBridge project, a platform for cross-border payments involving CBDC, as an observer.

Let us recall that the Central Bank first announced plans to issue a digital lari in May 2021.

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